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CPPE has analyzed the potential impact of Donald Trump’s policies on Nigeria’s economy.
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According to CPPE’s CEO, Dr. Muda Yusuf, Trump’s decision to restart oil drilling in the US may lead to a boost in global crude supply.
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He noted that a reduction in global oil prices could also lead to lower local energy prices.
The Centre for the Promotion of Private Enterprise (CPPE) has explained the implications of Donald Trump’s administration on the price of Premium Motor Spirit (PMS) and Nigeria’s economy.
In an exclusive interview, CPPE’s Chief Executive Officer, Dr. Muda Yusuf, said Trump’s sweeping policy on the restart of oil drilling in the US and drive for investment would impact global oil supply, Nigeria’s crude revenue, and the Naira.
“If investment in oil and gas increases in the US, the US is a major oil producer that could increase the global supply. If the global supply of oil increases, energy prices are likely to fall.
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“If the energy prices fall, that has implications for Nigeria’s revenue. It will negatively impact Nigeria’s oil revenue. But it may be positive for businesses because the reduction in crude price typically reduces the cost of energy locally,” Yusuf said.
Yusuf also said that Trump’s presidency would boost the US economy, strengthening the dollar at the detriment of the Naira.
“Trump’s policy is likely to strengthen the dollar. From all indications, investment and employment are likely to improve. We are already seeing indications in their stock market. Investors’ confidence is on the rise. Once you have that, it will impact the currency. The stronger the dollar, the weaker the naira,” he added.
Trump Lifts US Sanctions on Israeli Settlers in West Bank
In a move praised by the Israeli far right, President Donald Trump has lifted US sanctions imposed by his predecessor, Joe Biden, on extremist settlers in the Israeli-occupied West Bank.
The sanctions were imposed on Israeli settler groups and individuals accused of violence against Palestinians.
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