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Trump’s policies disturbing Nigeria’s market – FG cries out
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The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, has cried out over the adverse impact of U.S. foreign policy decisions particularly those attributed to former President Donald Trump on Nigeria’s oil-dependent economy.
Speaking during a Meet-the-Press session organized by the Presidential Communications Team at the Aso Rock Villa, Abuja, Ahmed noted that the unpredictable nature of global oil markets, combined with domestic production issues, is creating serious revenue challenges for Nigeria.
Ahmed pointed out that while falling prices of petroleum products may appear beneficial to Nigerian consumers in the short term, the broader consequences for the country’s economic health are grave.
“As consumers, lower pump prices seem like a relief. But for a nation that depends significantly on crude oil exports for foreign exchange earnings, this is a serious concern. Our revenue inflows are taking a hit,” he said.
Ahmed specifically blamed policy instability from the United States, singling out erratic decisions made under the leadership of President Donald Trump as a contributing factor to the ongoing market volatility.
“What’s destabilizing the global market even more are the inconsistencies in U.S. policies,” Ahmed stated. “President Trump has shown a pattern of announcing one policy direction today, only to reverse it tomorrow. This unpredictability makes it nearly impossible to forecast where the market is headed.”
He cited a sharp price drop from $73 to $60 per barrel within a single trading day as an example of how vulnerable Nigeria’s oil revenues are to global market swings influenced by U.S. actions.
Ahmed further explained that Trump’s aggressive trade measures including tariff wars with China and threats of duties on other major economies have disrupted global trade flows and weakened investor confidence. These actions, often sudden and without clear long-term strategy, have negatively affected crude oil pricing by injecting uncertainty into the global market.
“Traders and investors are reacting with caution. Many are engaging in day-to-day trades without long-term commitments due to fears that the next American policy could dramatically alter the market again,” he said.
Domestic Challenges Worsening the Situation
While international policies play a significant role in destabilizing the market, Ahmed also pointed to homegrown challenges. Issues like pipeline vandalism, oil theft, and declining production capacity are deepening the crisis.
Recent data from the Organization of Petroleum Exporting Countries (OPEC) shows that Nigeria’s oil output has declined to around 1.4 million barrels per day well below its potential and its OPEC production quota.
“These are not just numbers, they translate directly to reduced national income. When global prices fall and domestic output also drops, it’s a double blow to our economy,” Ahmed said.
Strategic Response and Future Outlook
Ahmed reiterated the need for Nigeria to take strategic steps to insulate its economy from external shocks. While short-term solutions may include strengthening local refining capacity and increasing gas utilization, he emphasized the importance of diversifying the economy beyond oil.
“Our long-term security lies in building a robust non-oil sector, expanding domestic refining, and investing in gas infrastructure,” he said.
As the global oil market remains volatile, the NMDPRA chief urged Nigerian policymakers to prepare for continued uncertainty. He also called for closer coordination with global partners and more stable trade and investment environments.
“Ultimately, Nigeria must reposition itself to adapt swiftly to global trends while minimizing the risks associated with dependency on oil exports,” Ahmed concluded.
The Nigerian National Petroleum Company Limited, NNPCL, has slashed its fuel pump price for the second time within four days.
A market survey on Saturday by DAILY POST showed that NNPCL retail outlets around Airport Junction and Wuse Zone 6 (Berger) in Abuja have reduced their petrol price to N1210 per litre, down from N1260.
This means that the state-owned oil firm slashed the petrol price by N50 per litre.
This comes barely two days after Dangote Refinery reduced its petrol gantry price by N50 to N1,125 per litre.
Recall that four days ago, NNPCL had adjusted its fuel price pump by N75 per litre to N1260.
With the latest drop by NNPCL retail outlets, petrol prices stand between N1210 per litre and N1305 per litre in Abuja and its environs.
The reduction in domestic fuel comes amid falling crude oil prices, which stand at $69 per barrel and $71 per barrel for West Texas Intermediate and Brent crude, respectively, following the easing of the conflict in the Middle East.
Recall that President Bola Tinubu has kept mum amid the clamour by Nigerians for a commensurate drop in domestic fuel pump prices due to the significant reduction in crude oil prices.
The Independent National Electoral Commission, INEC, has said it is yet to receive the Certified True Copy, CTC, of the Federal High Court judgment that set aside an earlier order directing it to register the Nigeria Democratic Congress, NDC, as a political party.
INEC revealed this in a statement issued on Saturday by its Chief Press Secretary and Media Adviser to the Chairman, Adedayo Oketola.
According to the commission, although it is aware of media reports on the judgment delivered by the Federal High Court sitting in Lokoja on June 26, it cannot comment on the ruling until it obtains and reviews the certified copy.
The Independent National Electoral Commission, INEC, is aware of reports circulating in the media regarding the judgment delivered on Friday, June 26, 2026, by the Federal High Court sitting in Lokoja, which set aside an earlier order concerning the registration of the Nigeria Democratic Congress.
“However, as of this moment, the Commission has not yet received the Certified True Copy, CTC, of the court’s order,” the statement said.
INEC stated that its legal department would study the judgment upon receipt of the CTC before advising the commission on the next course of action.
“Once the Commission’s legal department receives and thoroughly studies the CTC of the judgment, INEC will take an informed, lawful decision in line with the court’s directives.
“Until then, we cannot comment on the specifics of the ruling, and the public is urged to await the Commission’s formal position on the matter,” Oketola added.
Justice Isah Dashen of the Federal High Court in Lokoja had on Friday set aside the court’s December 10, 2025, judgment directing INEC to register the NDC as a political party.
The court held that the rights of the Peace Movement Party were affected by the earlier judgment because it was not joined in the suit despite claiming ownership of the logo relied upon in securing the registration order.
Justice Dashen consequently ordered that all parties be restored to the positions they occupied before the December 2025 judgment and directed that the substantive suit be heard afresh with all necessary parties joined.
The NDC has rejected the ruling and announced plans to appeal the decision. Its National Chairman, Senator Moses Cleopas, maintained that the party had not been deregistered and argued that the trial court lacked jurisdiction to revisit a matter on which it had already delivered a final judgment.
The ruling has also attracted reactions from opposition figures, including the NDC’s presidential candidate, Peter Obi, the party’s National Leader, Senator Henry Dickson, and other stakeholders, who described the decision as a threat to Nigeria’s multiparty democracy and vowed to challenge it through all available legal channels.
INEC, however, maintained that it would reserve its position on the judgment until it receives and reviews the Certified True Copy.
A joint police operation rescued five victims abducted near Ogbere Forest in Ogun state on Wednesday.
They were rescued within 25 hours by the Lagos and Ogun Police Commands, which were part of a joint operation codenamed KOSAYE, meaning “No Space” in Yoruba.
The woman was among the victims who were shot in the incident. Her daughter and sister were among those rescued by the police on Thursday.
NNPC slashes petrol price twice within four days
Lokoja Court order: INEC speaks on NDC, says it’s yet to receive CTC
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