In an interview given to David Whitehouse from The Africa report, Folake Shakirah Lawal, Principal Energy Analyst at Pan Allen Energy in Abuja, discussed the impacts of the OPEC+ production cuts on Nigeria and how Nigeria could take full advantage.
Citing the fact that Nigeria is both a major crude oil exporter and a petroleum products importer, she explained that the OPEC cuts could affect the country both ways with potentially higher oil prices leading to higher oil revenues and foreign exchange earnings as crude oil exports accounted for 77.9% of foreign trade in Nigeria in Q4 2022.