Nigeria Must Quit OPEC, Doyin Okupe Advises Tinubu
Former presidential aide Doyin Okupe has suggested several economic interventions to President Bola Tinubu, including that Nigeria must quit the Organization of the Petroleum Exporting Countries (OPEC).
Okupe offered the advice Thursday in a series of tweets titled ‘For President Bola Tinubu: Still Many Rivers to Cross’.
Reviewing Tinubu’s performance since assuming office on May 29, he said the President had “hit the ground sprinting.”
“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.”
Outside OPEC, Okupe argued that Nigeria 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,” he said.
