Business
Peter Obi : Why doesn’t Nigeria have oil reserve?
“Countries that plan build buffers against shocks, while those that fail to plan remain vulnerable,” Obi stated.
Peter Obi said on Friday that Nigeria’s recurring vulnerability to global economic shocks, particularly in the energy sector, is a direct consequence of poor planning and the absence of strategic buffers.
Obi made the observation in a post on his official X while reacting to the recent increase in fuel prices in the country, following rising tensions involving Iran which pushed global crude oil prices upward.
According to him, petrol, which sold for less than ₦1,000 per litre only a few weeks ago, now costs over ₦1,200 per litre in many parts of the country.
Diesel prices have also surged from below ₦1,000 per litre to more than ₦1,500 per litre within the same isglobal developments can impact Nigeria’s economy.
Obi explained that many countries across the world, whether they are oil-producing nations or not, maintain strategic petroleum reserves to cushion the impact of supply disruptions or sudden price spikes in the global market.
Such reserves, he noted, allow governments to release stored fuel during crises in order to stabilise supply and moderate price increases.
However, he said Nigeria lacks such a buffer, leaving the country immediately exposed whenever global oil prices rise or geopolitical tensions disrupt supply chains.
According to the former Anambra State governor, the situation highlights a broader issue of inadequate long-term planning in the country’s economic management.
“Countries that plan build buffers against shocks, while those that fail to plan remain vulnerable,” Obi stated.
He added the recurring fuel price hikes affecting Nigerians underscore the need for more deliberate and strategic economic planning.
He reiterated his position that with prudent management of resources and proper planning, Nigeria can build stronger economic safeguards and reduce its exposure to external shocks
Business
Senate approves Tinubu’s $516.3m loan
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.
The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).
The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.
The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
Business
Ibukun Awosika resigns from Cadbury board
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
Ibukun Awosika has resigned from the board of Cadbury Nigeria Plc, after more than 16 years of service.
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
The board expressed appreciation for her contributions since joining as a Non-Executive Director in October 2009 and noted that a replacement would be announced in due course.
Business
UAE announces exit from OPEC, OPEC+ amid Iran war tensions
UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a strategic review of the country’s energy direction.
The United Arab Emirates has announced it is withdrawing from OPEC and the broader OPEC+, delivering a significant setback to the oil-producing bloc and its de facto leader, Saudi Arabia, at a time when the ongoing Iran war has triggered a major global energy shock.
Reuters reported that the departure of the UAE, a longstanding member of OPEC, is expected to create uncertainty within the group, which has traditionally maintained a united front despite internal disagreements over geopolitics and production quotas.
UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a strategic review of the country’s energy direction.
This is a policy decision, it has been done after a careful look at current and future policies related to level of production,” said the energy minister.
When asked whether the UAE consulted with Saudi Arabia, he said the country did not raise the issue with any other nation.
The decision comes amid mounting tensions in the Strait of Hormuz, where Gulf producers have struggled to move exports due to Iranian threats and attacks on vessels.
The strategic waterway typically handles about a fifth of the world’s crude oil and liquefied natural gas shipments.
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