Nigeria heads for crucial elections

The country’s next president faces an uphill battle to revive the struggling oil and gas sector

Recent years have not been kind to Nigeria’s oil industry. New investment has slowed to a trickle amid a seemingly never-ending struggle with pipeline vandalism and oil theft. International players have largely divested onshore assets, preferring the relative safety of offshore fields. Production fell below 1mn bl/d last August, its lowest level for over 30 years. President Muhammadu Buhari has been unable to halt the industry’s decline during his eight years in power, although he did secure the passage of major regulatory reforms in 2021. The 80-year-old Buhari is now preparing for retirement; Nigerians will go to the polls to elect his successor on 25 February. The leading candidates inclu