The African Economic Outlook 2022 (AEO), released by the African Development Bank in May, shaved 2.4% off projected African GDP. This comes after the first continental recession in over half a decade, as the pain wrought by the Covid-19 pandemic is intensified by the economic fallout from Russia’s invasion of Ukraine. The AEO also counted 131 climate-related extreme […]

Nigeria’s oil industry is largely controlled by the government-owned Nigerian National Petroleum Company (the NNPC) via join ventures (JVs) and production sharing contracts (PSCs) with international oil companies (IOCs). The government has an average of 60 percent ownership interest in JVs with IOCs, which account for the majority of the country’s crude oil production. It