Why Nigeria Must Quit OPEC – Doyin Okupe Tells Tinubu

Why Nigeria Must Quit OPEC – Doyin Okupe Tells Tinubu

Former presidential aide Doyin Okupe has put forward a range of economic suggestions to President Bola Tinubu, proposing that Nigeria should withdraw from the Organization of the Petroleum Exporting Countries (OPEC).

Okupe provided these recommendations on Thursday through a series of tweets titled ‘For President Bola Tinubu: Still Many Rivers to Cross’.

In his assessment of Tinubu’s performance since taking office on May 29, he commended the President for swiftly taking action.

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One of Okupe’s key suggestions is that Nigeria should exit OPEC. He argued that the significance of oil reserves could diminish over the next two decades. According to Okupe, the current allocation of under 2 million barrels per day for Nigeria, considering the country’s population of over 200 million people and its challenging economic conditions, is detrimental to national growth and citizen welfare.

Beyond OPEC, Okupe proposed that Nigeria could lower its crude selling price while simultaneously increasing daily exports to three million barrels or more. He believes this move could lead to a substantial increase in foreign exchange revenue, potentially rising by up to 200% or even more. Such an increase in forex supply to banks could contribute to excess liquidity, resulting in a significant appreciation of the Naira against the Dollar.