The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has blamed the current slump in global crude oil prices on the trade and tariff policies introduced by former U.S. President Donald Trump.
Speaking during a press conference at the Presidential Villa in Abuja on Tuesday, NMDPRA Chief Executive Officer, Farouk Ahmed, criticized what he described as erratic and inconsistent economic strategies under the Trump administration.
Ahmed stated that the former U.S. president’s protectionist trade approach had created significant instability in the international energy market. “The global oil market today is reacting sharply to the erratic tariffing policies of the American government,” he said. “These tariffs are not only aimed at China but are sweeping across multiple countries and regions, unsettling the balance of demand and supply—particularly in the energy sector.”
He added that the inconsistency in U.S. trade policies is a major factor discouraging investment in the oil industry. “One day, a major policy is announced; the next, it is reversed or escalated. This kind of back-and-forth has made it almost impossible for investors to make long-term plans.”
According to Ahmed, part of the strategy appeared to be a deliberate attempt by the U.S. to suppress crude oil prices, which includes boosting domestic production while placing economic pressure on international suppliers through tariffs and trade negotiations.
Global oil prices have been experiencing a significant drop in recent weeks, with analysts and stakeholders pointing fingers at the influence of past U.S. economic policies.
