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We are sceptical of Nigeria’s oil production promises

We don’t think that the election in Nigeria on Saturday will lead to a sudden improvement in crude oil production. The oil industry’s challenges in the country are too deep-seated. But the long-awaited Petroleum Industry Bill, passed in 2021, could at least put a floor under production this decade.

In view of the wider interest, we are also sending this Energy Update to clients of our Africa Economics service.

Africa Drop-In (23rd Feb): We’ll be discussing the key risks around Nigeria’s presidential election – including the prospects for its oil industry – in an online briefing at 09:00 EST/14:00 GMT Thursday, 23rd February. Register here.

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