April 17, 2024
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OIL & GAS Politics

Why Nigeria Must Quit OPEC- Okupe

Doyin Okupe, the former presidential aide has advised that Nigeria must quit the Organization of the Petroleum Exporting Countries (OPEC) to regulate its oil prices and determine its output.

Okupe, who is also the former Labour Party presidential campaign director, in a series of tweets said ‘For President Bola Tinubu: Still Many Rivers to Cross’.

Assessing Tinubu’s performance since assuming office on May 29, Okupe said the President had “hit the ground sprinting”.

He said “Nigeria must quit OPEC. In about two decades from now, oil reserves may become meaningless.”

“The present allocation of less than 2 million barrels per day for Nigeria with a population of over 200 million people and it’s prevailing strangulating economic conditions, given volumes of export to our main foreign exchange earner (90%) is inimical to our growth as a nation and to the wellbeing of the citizens.”

He argued that Nigeria as none OPEC member could reduce its selling price of crude but also increase exports to three million barells and above per day.

“This will increase accruable revenue from forex by up to 200% or more, which will allow the CBN have more supply of forex to the banks. In the face of surplus liquidity in forex supply, Naira will gain tremendous value over the Dollar.”

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