The CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, has stated that the ongoing volatility in global oil markets is taking a toll on Nigeria’s economy. He noted that although declining petroleum product prices may favor consumers, the overall economic impact is detrimental for Nigeria, given its heavy dependence on oil exports. “As consumers, we are happy that the price is coming down, but…as a nation, it’s not good for our economy because our revenue inflow is also impacted,” Ahmed told State House Correspondents at the Meet-the-Press briefing series organised by the Presidential Communications Team at the Aso Rock Villa, Abuja, on Tuesday. “Most importantly, what is even destabilising the market is inconsistencies in the way the USA President Donald Trump also sends his policies. He moves today. Tomorrow, he reverses. So, it’s been challenging to predict the next level,” Ahmed explained. Farouk Ahmed highlighted a recent steep decline in oil prices—from $73 to $60 per barrel in a single day—as a clear example of how Nigeria’s revenue streams are being disrupted. He also pointed to domestic issues such as pipeline vandalism and declining production as factors worsening the crisis. His remarks come on the heels of OPEC’s latest report, which shows Nigeria’s oil output has dropped to around 1.4 million barrels per day. Adding to the uncertainty are former U.S. President Donald Trump’s aggressive trade policies, which have included sweeping tariffs on imports from multiple countries—especially China—and frequent threats of additional levies. These unpredictable moves have rattled global markets, shaken investor confidence, and disrupted supply chains, contributing to erratic commodity prices, including crude oil. Already sensitive to shifts in demand and geopolitical tensions, the oil market has become even more volatile. Tariff announcements have often driven oil prices downward due to fears of slowed global growth, while exemptions or policy reversals have occasionally sparked short-lived recoveries. Analysts warn that this instability complicates long-term planning for oil-reliant nations like Nigeria, where consistent crude prices are vital to economic stability.