Nigeria: Tinubu reorganizes the oil sector in crisis

The fall in oil prices triggered by Donald Trump’s new tariffs has hit Nigeria hard. The country, already faced with low oil production, is entering a period of economic and energy turbulence.

Faced with this crisis, President Bola Ahmed Tinubu has launched a vast reorganisation of the Nigerian National Petroleum Corporation. He sacked eleven senior managers and appointed Ahmadu Musa Kida to head the board of directors, with Bayo Bashir Ojulari as chief executive. The aim is to restore the credibility of NNPC, which has been plagued by corruption scandals, and to relaunch production.

At the same time, the Nigerian government is maintaining its policy of selling crude oil in naira on the domestic market. This measure is intended to stimulate local refining and reduce dependence on foreign currency. Dubbed ‘naira for crude oil’, this initiative was reaffirmed on 9 April by the Ministry of Finance.

The policy is also aimed at resolving tensions with billionaire Aliko Dangote, who stopped fuel deliveries after being forced to pay for crude in dollars. As a result, petrol prices soared across the country.

With these reforms, Tinubu hopes to reassure the markets and establish energy sovereignty. But the gamble remains risky, as long as transparency is not really restored.

source: africanews