Low demand and competition from shale are causing problems for OPEC, but some recent trends may provide Africa’s oil-producing countries with grounds for hope.
Nigeria has come out of recession, but the volatility of the oil revenues on which the country is still so dependent are a cause of uncertainty.
In the absence of decisive leadership, Nigeria’s economic and security problems are being left to fester.
“Nigeria has learned from its setbacks,” according to Zenith Bank chairman Jim Ovia
Nigeria’s biggest company is taking an interest in agribusiness. This is good news for the sector.
Other companies may be seeking to challenge its domination of the market, but Uber’s GM for sub-Saharan Africa is confident of his company’s future.
With over $6bn injected into key segments of Nigeria’s foreign exchange market in six months, the economy is regaining its high dollar-liquidity status.
Nigeria’s vice-president is receiving praise for his economic management during President Buhari’s medical absence, but what lies ahead?
The shale industry is increasingly acting as the price regulator for oil. This is not good news for Africa’s producers of crude.
Even if a deal brokered by Russia and Saudi Arabia to slash global oil output succeeds, there is little prospect of a return to 2014 prices.