Nigeria produces most of Africa’s petroleum (25%), and crude is about to flirt with $100 a barrel again. A JPMorgan Analyst Sees Energy Supercycle With Oil As High As $150. https://oilprice.com/Latest-Energy-N...gh-As-150.html

Crude contributes 5% to Nigeria GDP (Oil production capacity circa 1.50 million barrels a day, but was producing less than 1mbpd in Apr 23 due to security issues etc.), but gets 90% of Nigeria's FX earnings and 50% of Govt revenue. A higher Oil price and imminent start of production at the new Dangote refinery will see NGN:USD rising and black market rates converging towards official exchange rates, if Tinubu can sort out the security issues a bit.

Looks like green shoots for Nigeria, and NGE holders to me, despite all the loud and prolific chatter about possible 1000 NGN:USD in black markets soon