Nigeria's Evolving Outlook: New Politics, Old Outcomes

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Nigeria is plagued by governance challenges, especially in its oil sector, where entrenched interests have impeded reforms despite the passage of the Petroleum Industry Act in 2021. Declining global competitiveness, aging infrastructure, constant insecurity and strained community relations exacerbate the industry’s challenges, leading many traditional Western oil majors to exit Nigeria’s troubled onshore region. President Tinubu’s economic policies, including ending fuel subsidies and currency devaluation, have sparked further economic decline, leading to inflation and discouraging investors, further hampering Nigeria's economic potential and political stability.

This report was made possible by the generous support of the Chevron Corporation.