Oil is no longer the gem it was once and everyone except Nigeria knows
Super interesting read as alwaysss! If you like Thai food, check out Zion Thai restaurant at Osu. Loved the food there + it's owned by Nigerian who was in Thailand for a long time and is now married to a woman from Thailand.
Solid article, I initially thought O&G companies were divesting from the Niger Delta because of community issues, insecurity, and increasing environmental regulations, I didn't know reduced yields were part of it.
It will be interesting to see what happens to Nigeria oil fields once they are decommissioned, I assume there will be a sort of clean-up process but we will have to wait and see.
The VP's clerification in my opinion made a clear argument for devalauation, because how can we get a unifited or close to unified rate if we do not devalue the dollar?
PS: It seems I need to get into this round tripping business, need to ride on the Meffy wave.
The problem with "easy money" is that you keep on expecting it to come in no matter what. This is my issue with the Nigerian government, they aren't deep thinkers, with all the potential and alternatives that are in front of us, they want to die on this hill called oil. On meffy and his dollar wars, i feel that the next step would be a run on the banks and their domiciliary accounts. We are in for interesting times ahead.
I have always known that the reign of oil is coming to end. It will be nice to see how we plan to transition as a country.
Great Newsletter as always.
Currently locked out of my Twitter, else I'd share this but just wanted to say I enjoy the conversational, - and as such - accessible, you explore big, gnarly issues. Were it any other platform, I might expect a tiresome explainer per why Mobil was leaving Nigeria and not feel I've learnt loads but I came away from this, feeling like I now had a fair grasp on the issue. Also please keep your foot firmly pressed on Meffy's neck. Thank you for your work - and your service!
Uncle Osinbajo be speaking from both sides of his mouth every damn time! He should kúkú stand one place so the thunder (from the Falz and Sess music) will do the needful. 😒😕
Great newsletter as usual, Muyiwa. Maybe with big shots making moves to pull out of oil, government will finally take Nigeria's economic diversification more seriously.