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Man at an oil production plant

Nigeria’s oil policy at a crossroads

Even before the pandemic, the Nigerian economy faced structural issues. Highly dependent on oil exports for revenue, the country could spiral into a deep recession because of the recent collapse in oil prices. High production costs will also hamper recovery even when global demand returns. If constantly pushed for full compliance by OPEC, Nigeria could seek to end its membership in the hope that fewer constraints would boost its hydrocarbon sector.

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