Doyin Okupe, a prominent figure within the Labour Party (LP), has advised President Bola Tinubu to consider withdrawing Nigeria from the Organization of the Petroleum Exporting Countries (OPEC).....KINDLY READ THE FULL STORY HERE▶

Okupe’s recommendation, outlined in an open letter titled ‘For President Bola Tinubu: Still Many Rivers to Cross,’ proposes that such a move could potentially lead to a substantial increase of up to 200% in Nigeria’s foreign exchange revenue….CONTINUE READING

This, in turn, could enable the Central Bank of Nigeria (CBN) to supply more forex to the banks.

Highlighting the potential decline in the significance of oil reserves in approximately two decades, Okupe emphasized the need for proactive measures.

He called for Nigeria to exit OPEC, citing the present allocation of under 2 million barrels per day for a population of over 200 million as counterproductive to the nation’s growth and citizens’ well-being.

Okupe’s argument suggests that by removing OPEC restrictions, Nigeria could decrease the selling price of crude oil while simultaneously boosting its exports to over three million barrels per day.

This shift, according to Okupe, could result in an appreciable rise in the value of the naira against the dollar.

He elaborated, “This will increase accruable revenue from forex by up to 200% or more, which will allow the CBN to have more supply of forex to the banks. In the face of surplus liquidity in forex supply, the Naira will gain tremendous value over the Dollar.”

Okupe’s proposition aims to leverage Nigeria’s oil production capacity to enhance foreign exchange earnings and contribute to the nation’s economic stability.