The head of Nigeria’s oil regulator, Farouk Ahmed, has said that former U.S. President Donald Trump’s unstable policies are shaking global oil markets and hurting Nigeria’s economy. He explained that sudden changes in U.S. decisions, especially on trade and oil, are making prices fall and creating confusion for investors.
Ahmed said even though Nigerians may enjoy lower fuel prices, the country is losing money because it depends heavily on oil exports. He gave an example of how oil prices dropped sharply from $73 to $60 in one day, affecting Nigeria’s income badly.
He also mentioned that local problems like pipeline damage and low oil production are making things worse. With oil production now down to about 1.4 million barrels per day, Nigeria is facing serious revenue challenges.