Organisers of the planned August 1 nationwide protests have rejected the proposal by Kayode Egbetokun, the inspector-general of police (IGP), that the demonstration should be conducted in confined spaces.

The organisers insisted that the protest would be a public march across the country.

On Tuesday, there was a meeting between the IGP, Femi Falana, a human rights lawyer, and Ebun-Olu Adegboruwa, the lawyer representing the Take-It-Back Movement.

The meeting was convened following a letter from Adegboruwa on behalf of the Take-It-Back Movement to the IGP seeking police protection during the protest.

During the meeting, which was conducted via Zoom, Egbetokun asked the protesters to hold the demonstration in confined venues, adding that open processions can be hijacked by hoodlums.

The IGP assured the protest organisers of the police commitment to protect the rights of all citizens and ensure all public gatherings are safe for everyone.

Egbetokun also asked them to engage with their respective state police commissioners to coordinate the protest.

However, Adegboruwa said the designated venues stated in the letter to the IGP are mere points of convergence for the protesters.

“We will stick to the venues, which we have specified to the police, but those venues are only points of convergence. They are just places where we are to start the protest,” the human rights lawyer said.

Also, Falana, Adegboruwa, and other stakeholders asked the IGP some questions about the coordination of the protest.

The nationwide protest, with the theme ‘#EndBadGovernanceInNigeria’, is scheduled to start on August 1.

The federal government and President Bola Tinubu have asked the youths to shelve the planned protest.

The Cable

The federal government's recent mandate for the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Petroleum Refinery and other local refineries in Naira is a commendable move towards stabilizing the nation's currency and reducing pressure on foreign exchange reserves. However, this policy, while progressive, falls short of addressing the full scope of Nigeria's refining challenges and economic needs.

The decision to supply four out of the 15 cargoes required by Dangote Refinery in Naira is a positive start, but it represents only 27% of the refinery's needs. This limited scope leaves significant room for improvement. To truly harness the potential of this policy, the government should consider expanding its mandate to include international oil companies (IOCs) operating in Nigeria.

A more comprehensive approach would involve requiring IOCs to sell at least 40% of their production to local refineries in Naira. This expanded policy would serve multiple purposes: it would further reduce the demand for foreign currency, provide a more substantial boost to local refining capacity, and strengthen Nigeria's energy security.

Moreover, to ensure this policy benefits the entire value chain and, ultimately, the Nigerian consumer, local refineries should be mandated to sell their products in Naira to local traders. This reciprocal measure would help stabilize domestic fuel prices and potentially lead to reduced costs for consumers.

The government's initiative, as explained by Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service, is expected to reduce foreign exchange spending on petrol imports by up to 94%, saving the country an estimated $7.32 billion annually. While these projections are encouraging, they could be even more substantial if the policy were expanded to include a larger portion of Nigeria's oil production.

It's crucial to note that this policy should be part of a broader strategy to revitalize Nigeria's refining sector. The ongoing disputes between Dangote Refinery, regulatory bodies, and international oil companies highlight the need for clear, consistent policies that encourage investment and cooperation across the industry.

The government must also ensure that the quality of locally refined products meets international standards. The recent controversy surrounding the quality of fuel sold locally underscores the importance of maintaining rigorous quality control measures.

Furthermore, while focusing on boosting local refining capacity is essential, the government should not lose sight of the need to transition towards more sustainable energy sources in the long term. Investments in renewable energy and efforts to diversify the economy away from oil dependence should continue alongside these reforms in the oil sector.

In conclusion, the federal government's decision to mandate Naira-denominated crude oil sales to local refineries is a step in the right direction. However, to fully capitalize on this policy's potential, the government should consider expanding its scope to include a larger portion of Nigeria's oil production and ensure that benefits are passed along the entire value chain to the Nigerian consumer. By doing so, Nigeria can make significant strides towards energy self-sufficiency, economic stability, and sustainable development.​​​​​​​​​​​​​​​​

Legendary Nigerian singer and actress, Onyeka Onwenu has reportedly died at the age of 72.

She was said to have died on Tuesday night at the Reddington Hospital in Lagos after slumping at the birthday party of Mrs Stella Okoli.

TheNiche reported that an eyewitness who was at the party confirmed the news.

“It is very sad. Onyeka Onwenu just performed at the birthday of Mrs. Stella Okoli today (Tuesday, July 30, 2024), and after performing, she slumped.

“She was taken to Reddington Hospital and she couldn’t make it,” the eyewitness said.

However, the deceased’s family has yet to announce her death as of press time.

Onwenu will be remembered for her music albums such as In The Morning Light and Dancing In The Sun.

She also featured in the Half of a Yellow Sun and Lions Heart, among others.

Punch

Hamas chief Ismail Haniyeh killed in Iran, Hamas says

Hamas leader Ismail Haniyeh was killed in Iran on Wednesday, the Palestinian militant group Hamas and Iran's elite Revolutionary Guards said in separate statements.

The Islamist faction mourned the death of Haniyeh, who it said was killed in "a treacherous Zionist raid on his residence in Tehran".

Hanieh attended Iran's new president's swearing in ceremony on Tuesday.

"Early this morning, the residence of Ismail Haniyeh in Tehran was struck, resulting in his and one of his body guards' martyrdom. The cause is under investigation and will be announced soon," the Revolutionary Guards said.

** Israel claims to kill Hezbollah senior commander in Beirut strike

Israel's military claimed it killed Hezbollah's most senior commander in an airstrike on Beirut on Tuesday, in retaliation for a cross-border rocket attack that killed 12 youngsters three days ago which it blamed on the Lebanese armed group.

A loud blast was heard and a plume of smoke could be seen rising above Beirut's southern suburbs - a stronghold of the Iran-backed Hezbollah - at around 7:40 p.m. (1640 GMT), a Reuters witness said.

Israeli Defense Minister Yoav Gallant said the strike killed Fuad Shukr, who "has the blood of many Israelis on his hands. Tonight, we have shown that the blood of our people has a price, and that there is no place out of reach for our forces to this end."

There was no immediate response from Hezbollah. The group has denied involvement in a rocket strike on the Israeli-occupied Golan Heights on Saturday that killed 12 youth in a football field in the Druze village of Majdal Shams.

A senior security source from another country in the region confirmed Shukr had died of wounds sustained in the strike.

Israel's military said Shukr was the most important aide to Hezbollah Secretary-General Hassan Nasrallah, his adviser for wartime operations and in charge of Saturday's attack.

The Israeli strike on the southern suburbs of Beirut also killed three civilians including two children, medical and security sources told Reuters.

Lebanon's Al Manar TV cited the Lebanese health ministry as reporting 74 people injured along with three killed in the attack around Hezbollah's Shura Council, a decision-making body, in the Haret Hreik neighbourhood.

Reuters

WESTERN PERSPECTIVE

Russia launches drone attack on Ukraine capital Kyiv, military says

Russia launched an overnight drone attack on the Ukrainian capital of Kyiv and its surrounding region, the military administration said on Wednesday.

"Air defence systems are being engaged in the region and on the approaches to Kyiv in particular," Serhiy Popko, head of Kyiv's military administration, said on the Telegram messaging app.

Reuters witnesses reported hearing blasts in what sounded like air defence systems engaged in repelling an air attack.

The city and most of Ukraine were under air raid alerts that were issued at around 2000 GMT on Tuesday.

** Ukraine says it destroys more than 30 Russia-launched drones over Kyiv

Ukraine's air defence systems destroyed more than 30 drones over Kyiv that Russia launched overnight, the military administration of the Ukrainian capital said on Wednesday on the Telegram messaging app.

RUSSIAN PERSPECTIVE

Another German-made tank destroyed in Donbass

Russian forces have destroyed another German-made Ukrainian Leopard 2A4 tank, fresh footage that surfaced online on Tuesday shows.

The drone video, reportedly taken near the Ukrainian-controlled Donbass town of Kurakhovo, shows the Leopard 2A4 maneuvering in a wooded strip between two open fields and firing at unseen targets. The tank comes under return fire and tries to evade it, driving further along the wooded area and apparently receiving a hit.

The tank’s crew appears to at least partially abandon the vehicle, but returns, only to drive the vehicle into the open where it sustains several more hits. The ammunition stock in the rear of the tank’s turret is seen catching fire. The blaze spreads into the crew compartment after another hit, with thick white smoke seen billowing from its hatches.

It was not immediately clear whether the crew was present inside the tank when the vehicle caught fire, given their erratic movements before it was destroyed.

The Leopard 2A4 lacked any anti-drone nettings, which are commonly fitted by both sides of the conflict on armored and soft vehicles alike. However, the front and the sides of its turret were apparently kitted with Soviet-era reactive armor bricks, likely Kontakt-1, commonly used by the troops to protect their vehicles.

Over the course of the ongoing conflict, Kiev has received dozens of Leopard 2 tanks from several Western countries that use German-made armor. The Ukrainian military has also been supplied with older Leopard 1A5 tanks, but those have only been seen on the frontline on a handful of occasions.

Leopard 2 tanks saw extensive action last year, when they spearheaded Kiev’s ultimately disastrous counteroffensive push, which resulted in heavy casualties for little gain.

Reuters/RT

As it turns out, consuming just one alcoholic beverage per day — whether it be a pint of beer, a glass of wine or a shot of your favorite spirit — can shorten your lifespan by approximately two-and-a-half months, one expert asserts

Dr. Tim Stockwell, of the Canadian Institute for Substance Use Research, told Daily Mail that those who drink significantly more alcohol than that — about 35 beverages a week — could slash a staggering two years off their lifespan.

It’s a rude awakening for those who might like to unwind with a glass of pinot after a long day, or who frequent happy hours with friends or colleagues.

“Alcohol is our favorite recreational drug. We use it for pleasure and relaxation, and the last thing we want to hear is that it causes any harm,” he said.

“It’s comforting to think that drinking is good for our health, but unfortunately, it’s based on poor science.”

Unfortunately, according to the doc, no amount of alcohol is safe for boozers — and his claims are backed up by science.

Recent research has shown that alcohol consumption could increase the risk of certain health conditions, such as cancer, heart disease, high blood pressure, stroke, liver disease and more, per the Centers for Disease Control and Prevention.

According to the CDC, over 20,000 people succumb to alcohol-related cancers every year in the US, where “moderate” drinking is defined as one drink per day for women and two drinks per day for men.

Last year, Ireland became the first country to pass a bill requiring alcohol bottles to be labeled with health warnings, while Canada revised its health guidelines that recommended drinks to avoid consuming more than two drinks per week.

Stockwell’s own research has found a link between alcohol consumption and all-cause mortality, which directly contrasts the widely held belief that just a little bit of booze can be beneficial for health.

While red wine has been long-believed to be good for your heart in moderation, that is not necessarily the case, as some research has found the opposite to be true.

“Being able to drink is a sign you are still healthy, not the cause of being in good health,” Stockwell said.

“There are lots of ways these studies give false results that are misinterpreted to mean alcohol is good for you.”

New York Post

“The difference between a successful person and others is not lack of strength, not lack of knowledge, but rather a lack of will.” ― Vince Lombardi

LinkedIn's research reveals that entrepreneurs consistently report the highest levels of job satisfaction among professionals. This study is logically understandable given that entrepreneurs typically venture into businesses aligned with their passions.

While the concept of ditching the corporate ladder and becoming your own boss is undeniably alluring, it's crucial to acknowledge the substantial risks involved. Income is far from guaranteed, traditional employer-sponsored benefits become a thing of the past, and in cases of business losses, your personal assets are at risk. Whether entrepreneurship is primarily a product of innate traits or skills acquired through learning remains a perennial debate. Unlike personality traits and demographic factors, the mastery of entrepreneurial skills necessitates a journey of training, education, and real-world experience in today's competitive market. This, in turn, offers you the competencies to generate innovative ideas and succeed in the business realm.

While you may not possess all of them at the outset, check out six key hard and soft skills that are paramount for starting a successful business. Read along!

Effective communication and listening skills

One of the foremost skills that every entrepreneur must possess is the power of effortless communication. Whether you're a solo entrepreneur or at the helm of a corporate behemoth, your ability to communicate is the sole thread connecting you and all stakeholders and potential partners. An entrepreneur's communication repertoire should encompass interactions with investors, employees, peers, customers, creditors, and mentors. If you can't effectively convey the value and vision of your company, the chances of success become increasingly remote. Communication skills enable individuals to articulate thoughts, ideas, and emotions with clarity through spoken and written words, as well as various other forms of expression. Listening skills, on the other hand, empower you to comprehend, absorb information, and respond thoughtfully. Both these abilities, thereby, form the bedrock of entrepreneurial proficiency, substantially influencing how you manage your business.  Contrary to the common misconception that effective communication is an innate quality, it can also be cultivated and refined. Always remember: You are the biggest champion for your business.

Financial proficiency

Money serves as the lifeblood of any organisation. Ineffectual financial management can lead to depleting your resources prematurely, jeopardising your business's prospects.  Alongside that, a fundamental understanding of how to interpret and construct financial statements, such as the balance sheet, income statement, and cash flow statement, is imperative. These documents serve not only regulatory and taxation purposes but also function as essential tools for monitoring performance, projecting future financial trajectories, and managing expenditures. As your business progresses, there may be opportunities to delegate certain financial responsibilities, but as an entrepreneur, possessing proficiency in budgeting, financial statement analysis, funding and relevant financial skills is indispensable for effective business management.

Effective time management Time management is far from being a mere "soft skill." When embarking on a new business journey, the initial inclination might be to work around the clock, but this approach isn't sustainable. Billionaires and other prosperous entrepreneurs excel at managing their time, which entails two essential facets: allocating most of their time to the highest-priority tasks and allowing themselves time to recharge. Above all, your time stands as your small business's most invaluable resource. How you harness this resource will significantly influence your business's success.

While time management is essential for all, it’s especially crucial for home-based businesses. When you start your day, plan a clear roadmap for the tasks ahead. This is particularly true for solo entrepreneurs, who often find themselves donning multiple hats throughout the day—handling emails and correspondences, crafting press releases, making sales calls in the afternoon, and concluding the day as a bookkeeper.  It's not about being a superhuman; it's about mastering time management and task prioritisation. Digital marketing proficiency In the contemporary business landscape, digital marketing is an absolute necessity. Regardless of whether you operate a neighbourhood pizza shop, offer plumbing services, or are in the process of building a new app, integrating some form of digital marketing is pivotal for expanding your business beyond a one-person operation. This entails establishing an effective online presence through a well-designed website.  Increasingly, it also involves acquiring basic knowledge of SEO, social media utilisation, and the ability to launch elementary digital marketing campaigns, such as Facebook ads. Therefore, for any business owner, a solid grasp of digital marketing elements such as SEO, social media marketing, and online advertising is indispensable in steering the growth of their enterprise. As your business evolves, you might consider outsourcing certain digital marketing tasks, but even then, having a nuanced understanding of digital marketing is required to track and measure campaign results.  Strategic networking  Your network stands as one of your most valuable assets in the realm of entrepreneurship. Effective networking not only allows you to connect with like-minded professionals but also provides you with the opportunity to assemble your future team and stay abreast of the dynamicity of your industry. Your professional network can encompass a diverse array of individuals, including:  Alumni from educational institutions Former and current co-workers Industry luminaries Friends and family members Professors and teachers Past and present clients Fellow business professionals in the entrepreneurial realm Cultivating a robust network can open doors to an array of business prospects, from potential partnership deals and subcontractor relationships to identifying future employees. It broadens the scope of your public relations efforts, enabling you to convey the right message across all fronts. Another effective method for widening your network is by participating in networking events within your locality or industry. These gatherings bring together learners from around the world, providing a platform for networking, engagement, and learning from distinguished leaders. LinkedIn can also facilitate valuable connections. Don't hesitate to initiate contact by sending a personalised invitation to establish rapport with a new connection.  Strategic business management While a successful entrepreneur is often defined by their thriving company, the art of business strategy is sometimes overlooked. It’s akin to the monumental magnificence of the Taj Mahal; everybody is bewitched by its beauty but none talks about the pain involved in building it. Effective entrepreneurs may initially rely on their exceptional communication, sales acumen, unwavering focus, and hunger for learning to navigate their businesses. When it comes to structuring and advancing a business, a robust business strategy is paramount. While some entrepreneurs have the luxury of hiring a planner for all the administrative tasks, the reality for most is different.  Entrepreneurship hinges on the unwavering determination and resilience to navigate through the most testing of circumstances. Nonetheless, they alone cannot propel you towards your goals without a well-rounded skill set. 

Yourstory.com

The International Police Organisation (INTERPOL), on Monday, revealed that “hundreds of thousands of dollars” are being laundered out of Nigeria to other African countries and across the world every hour.

The organisation also said money laundering across Africa and the entire world has assumed a monstrous dimension, adding that it would require a concerted efforts of every security agency in Nigeria and other countries to address.

Garba Baba Umar, the INTERPOL Vice President for Africa, revealed this at EFCC Academy, Abuja when he declared a four-day workshop for Nigerian law enforcement agencies open.

The INTERPOL official, however, said the organisation has launched what he described as “Silver Notices Against Money Laundering”, saying it is in a bid to frontally tackle the scourge of money laundering and illicit financial flows across the world, especially Africa.

“Evidence has shown that every hour, hundreds of thousands of dollars are flowing out of Nigeria to the region and across the world, laundered before it reaches the pockets of criminals to enjoy the profits of their crimes, while the hardworking and honest Nigerians pay the price of crime.

“With every successful laundering of criminal money, our country becomes more prone to crime. More drugs, more fraud, more corruption and more violence. Every time criminal money is successfully laundered, our financial institutions take an additional blow…” Umar said.

He stressed that hard times await money launderers as the Initiative “Silver Notices” would make illicit funds more difficult to launder in any part of the world.

Speaking on the theme of the workshop: “Strengthening Capacity and Coordination against Financial Crimes” Umar noted that financial crimes had become transnational and law enforcement agencies needed regular training for their workforce to be ahead of fraudsters.

He said, “In essence, this Workshop will give us the opportunity to re-examine the challenges of fighting transnational crimes in the country, reassess our strategies, and reaffirm our determination and unity as a country to provide security to our citizens and by extension the global community.”

On his part, the Executive Chairman of the EFCC, Ola Olukoyede, harped on the need for enhanced collaboration in tackling financial crimes.

Olukoyede, who spoke through the Director, Fraud Risk Assessment and Control of the EFCC, Francis Usani, said the complex nature of corruption across the world could only be broken by the might of collaborative actions by every stakeholder.

“The daunting nature of the fight against corruption in Nigeria and the world at large deserve serious collaboration among organizations saddled with the responsibility of fighting corruption”, he said.

In his remark, Ambassador Extraordinary and Plenipotentiary of Japan to Nigeria, Mr Kazuyoshi Matsunaga, described the workshop as an important joint initiative between Japan and Nigeria to combat financial crimes.

He explained that in the contemporary globalized world, financial crimes transcended borders and required international cooperation among law enforcement agencies to combat them.

Similarly, the Director-General of the Nigerian Financial Intelligence Unit, Hafsat Bakare, spoke about the imperative of strengthening capacity and coordination against financial crimes, pointing out that “financial intelligence and financial analysis techniques are key to tackling economic crimes.”

The NFIU, she said, was sensitive to the interconnected nature of the criminal justice system, the threat of organized crime and cybercrimes being fought by law enforcement agencies.

Daily Trust

The federal executive council (FEC) has approved a proposal by President Bola Tinubu directing the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Petroleum Refinery and other refineries in naira.

In a statement on X, Bayo Onanuga, special adviser on information and strategy to the president, said the African Export-Import Bank (Afreximbank) and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC.

FEC approved the proposal on Monday during a meeting presided over by Tinubu.

“To ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, the Federal Executive Council today adopted a proposal by Tinubu to sell crude to Dangote Refinery and other upcoming refineries in Naira,” Onanuga said.

“Dangote Refinery at the moment requires 15 cargoes of crude, at a cost of $13.5 billion yearly. NNPC has committed to supply four.

“But the FEC has approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as pilot. The exchange rate will be fixed for the duration of this transaction.”

Onanuga said the intervention will eliminate the need for an international letter of credit, further saving the country of dollar payments.

Zacch Adedeji, executive chairman of the Federal Inland Revenue Service (FIRS), said the sale of byproducts from Dangote refinery to distributors will also be conducted in naira.

“And what does it mean to our economy? One, the pressure on foreign exchange will be reduced,” Adedeji said.

He said as of Monday, Nigeria spends between 30 percent to 40 percent of foreign exchange on the importation of petrol consumed by the country.

According to Adedeji, “monthly, we spend roughly $660 million in this exercise and if you analyse that will give us $7.92 billion annually”.

“With this approval today through FEC led by Mr President, this has reduced by minimum of 90 percent. Because what we have today, the transaction will now be down in our local currency not only to Dangote Refinery but to all local refineries for all our local consumption and this will actually stabilise the pump price,” he said.

‘TRADE IN NAIRA WILL REDUCE USE OF FX ON PETROL’

Adedeji said with the new approval, the foreign exchange spent on petrol will be reduced to a maximum of $50 million per month, rounding up to $600 million annually.

“This is total reduction of 94 percent and saving us $7.32 billion,” Adedeji said.

“This will also reduce finance costs, which today stands at $79 million. When you consider opening letter of credit between those local refineries and what happens.

“And also, council has approved the settling bank to be Afriximbank. It will be the lead arranger between NNPC and Dangote Refinery.

“So, this is a major innovation in solving Nigeria’s problem permanently. Not only will will have more employment but we will definitely be in charge of one of our main stay of our economy.

“So I congratulate the council members, Mr. President, and also congratulate the operator, the NNPC and Dangote refinery and also the lead arranger, Afriximbank because kudos should go to the President of the African Export-Import Bank (Afreximbank), Benedict Oramah, for Aramco for these initiatives, because these are people that work behind the scenes to make sure that what we witnessed today, happened.”

The approval for Dangote refinery and NNPC to trade in naira followed the dispute between the refiner, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

On June 4, Aliko Dangote, the founder of Dangote Group, said some international oil companies (IOCs) were struggling to supply crude to his refinery.

Speaking on Arise TV on July 15, Gbenga Komolafe, chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) described the claim as “erroneous” as the Petroleum Industry Act (PIA) has provisions that guide willing buyer-willing seller transactions.

On July 17, the management of Dangote Industries Limited (DIL) insistedthat IOCs are frustrating its request to purchase crude feedstock for the refinery.

Also, Farouk Ahmed, chief executive officer (CEO) of NMDPRA, on July 18, said local refineries, including the Dangote refinery, produce inferior products compared to the ones imported into the country.

Dangote denied the allegation by testing diesel from his refinery on July 20 when federal lawmakers visited the plant.

The billionaire also called for a probe into the allegations made by the NMDPRA.

On July 22, the lawmakers launched investigations into Ahmed’s claim.

They said allegations that the IOCs in Nigeria are frustrating the survival of the Dangote refinery will also be probed.

On the same day, Heineken Lokpobiri, minister of state petroleum resources (oil), held a meeting with Dangote, Ahmed, Gbenga Komolafe, CEO of NUPRC, and Mele Kyari, group CEO of NNPC, to resolve the dispute.

A day after, the house of representatives asked the federal government to suspend Ahmed over “unguarded comments”.

The Cable

The recent revelation that Nigeria's oil sector received zero foreign investment in the first quarter of 2024 is a stark reminder of the deep-rooted issues plaguing the country's most crucial economic sector. This alarming development, as reported by the National Bureau of Statistics, is not an isolated incident but rather the culmination of years of decline in foreign capital inflow to the industry.

The oil sector's fall from grace is nothing short of catastrophic. From attracting $720 million in foreign investments in 2016, the industry has witnessed a precipitous decline, managing to secure a mere $3.64 million in the entire year of 2023. This downward spiral has now hit rock bottom with the sector failing to attract any foreign capital in Q1 2024, even as other sectors like banking and manufacturing continue to draw significant investments.

Several factors contribute to this dire situation. Rampant oil theft in production areas has eroded investor confidence, while pervasive insecurity in these regions further compounds the problem. The insatiable demands of local communities for material gratification, particularly in onshore blocks, have created an unsustainable operating environment for potential investors.

The implications of this investment drought are far-reaching and potentially devastating for Nigeria's economy. The country is likely to continue falling short of its projected oil production targets and OPEC+ quota, further weakening its position in the global oil market. Local refineries, already struggling, will face even greater challenges in securing adequate feedstock. Perhaps most alarmingly, the value of the Naira is set to face continued pressure, given that crude oil sales provide the bulk of Nigeria's foreign exchange earnings.

The implementation of the Petroleum Industry Act (PIA), which was meant to be a game-changer, has so far failed to live up to expectations. As one expert pointed out, the flawed implementation of the PIA under the previous administration and the current government's failure to address these shortcomings have perpetuated a "business as usual" perception among potential investors.

To reverse this alarming trend, Nigeria must take decisive action. The government needs to reassess its approach to implementing the PIA, ensuring that it truly creates the incentives it was designed to provide. There must be a clear separation of roles between the Nigerian National Petroleum Company (NNPC), regulators, and policymakers to instill confidence in the sector's governance.

Furthermore, addressing the security challenges in oil-producing regions and finding sustainable solutions to community relations issues are paramount. The government must also intensify efforts to combat oil theft, which NNPC Group Chief Executive Officer Mele Kyari has repeatedly cited as a major deterrent to investment.

The clock is ticking for Nigeria's oil sector. Without swift and decisive action to address these fundamental issues, the country risks further economic instability and missed opportunities in a world increasingly looking towards sustainable energy solutions. The time for half-measures and business as usual is over. Nigeria must act now to revitalize its oil sector and secure its economic future.​​​​​​​​​​​​​​​​