In a recent series of tweets titled ‘For President Bola Tinubu: Still Many Rivers to Cross,’ Doyin Okupe, a former presidential aide, put forth various economic suggestions for President Bola Tinubu.
One notable recommendation was for Nigeria to consider exiting the Organization of the Petroleum Exporting Countries (OPEC). Okupe, reviewing Tinubu’s performance since taking office on May 29, commended the President for his swift start in governance.
“Nigeria must quit OPEC. In about two decades from now, oil reserves may become meaningless,” the former Labour Party presidential campaign director said.
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.”
Beyond OPEC, Okupe proposed that Nigeria could potentially lower its crude oil selling price while simultaneously boosting daily exports to three million barrels or more.
“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,” he said.
