Nigeria’s high-cost oil industry is in decline
That will leave a gaping hole in exports and public finances
A chief economist at Shell once described Nigeria as the “jewel in the crown” of the oil major’s empire. Yet in recent years the jewel has lost its lustre. Early this year Shell, which has been pumping oil in Nigeria for nearly seven decades, agreed to sell its onshore subsidiary to a consortium of mostly local companies.
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This article appeared in the Middle East & Africa section of the print edition under the headline “When the wells run dry”
Middle East & Africa March 23rd 2024
From the March 23rd 2024 edition
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