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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.
Troops of Operation ENDURING PEACE, OPEP, in collaboration with the Civilian Joint Task Force, CJTF, have arrested a suspected kidnapper linked to the abduction of a resident in Kauru Local Government Area of Kaduna State.
This was contained in a statement posted on X by the Nigerian Army.
The post identified the suspect as Buba Ali, 30, adding that he was arrested at about 12:45 pm on Sunday, August 9, at Binawa village in Kauru Local Government Area.
According to post, the suspect was arrested during a joint operation conducted by troops of Sector 7 OPEP and members of the CJTF.
It said the suspect was reportedly linked to the kidnapping of Alhaji Tasi, who was abducted in the village.
“Following his arrest, Ali was taken into custody and is currently being interrogated by security personnel.
“The ongoing investigation is focused on obtaining information that could lead to the identification and arrest of other members of the suspected kidnapping gang,” the Army said.
Nigerian ambassador to South Africa, Femi Fani-Kayode, has rejected claims by an Islamic scholar, Sheikh Yahaya Jingir, that Nigeria is a Muslim country.
In a viral video, Sheikh Jingir, who was preaching to Muslims at an event, said “if you don’t want to accept a Muslim-Muslim ticket, you should leave Nigeria because it belongs to us”.
The comment has continued to generate backlash online as Christians rejected the claim.
Reacting, Fani-kayode in a statement posted on his official X handle on Sunday night, said the cleric’s remark is unhelpful and untrue.
“Worse of all is the fact that it is highly provocative,” the former aviation minister said.
“Kindly take note that it is a very slippery and dangerous slope to take and is best avoided. Nigeria is NOT a Muslim country and neither is she a Christian country.
“She is a SECULAR and MULTI-RELIGIOUS state comprising BOTH Christians and Muslims in equal numbers and that is our strength,” FFK added.
He further stated that President Bola Tinubu’s Muslim/Muslim ticket for 2027 is gaining acceptance “only because of the calibre, ability, sincerity of purpose, character, utility and electoral strength of our Presidential and Vice Presidential candidates and their ability to deliver and not because they are Muslims”.
“One day we may have a Christian/Christian ticket too because with God all things are possible,” he added.
The Osun State Police Command has confirmed the release of the state Commissioner for Environment and Sanitation, Moyowa Adejoorin, who was arrested in connection with a shooting incident at an All Progressives Congress, APC, rally in Ilesa.
The incident occurred on Saturday and reportedly left four people injured, including a teenager identified as Tobi Ilesanmi.
The command’s spokesperson, DSP Abiodun Ojelabi, said Adejoorin was taken into custody after police officers arrived at the scene, secured the area and began collecting evidence.
According to Ojelabi, the commissioner’s vehicle was stopped at the location, where an Amotekun operative allegedly linked to the shooting was also found.
“Immediately the incident was reported, our personnel moved to the scene and cordoned off the area before some exhibits were recovered, which included expended cartridges and Amotekun personnel caps.
“Also, Mr Adejoorin was arrested at the scene and taken to the command for questioning as part of the investigation process,” Ojelabi said.
The development came amid heightened attention to the incident after a video circulated on social media on Sunday showing Adejoorin leaving the police command.
Confirming the development, Ojelabi told Vanguard that the commissioner had been released on bail but said he was still awaiting clarification on the status of the Amotekun operative who was arrested alongside him.
“It is true that the commissioner has been released on bail today, but I am yet to clear the situation with the Amotekun personnel arrested with him,” he said.
Police investigations into the circumstances surrounding the shooting are ongoing.
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