Moghalu Urges Africa to Take Charge, Not Depend on Trump: Economist Predicts Oil Market Shift

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has asserted that Africa should embrace being overlooked by former U.S. President Donald Trump as a catalyst for self-reliance.

In a post shared on his X handle on Sunday, Moghalu stressed the need for Africa to stop fixating on Trump’s policies and instead focus on shaping its own destiny. “Being sidelined by Trump is exactly what Africa needs. We need to wake up and stop moaning about what Trump ‘means for Africa.’ Africa must take its destiny into its own hands and forge its own path,” he stated.

On a related note, Dr. Samson Simon, an economist with ARKK Economics and Data Limited, highlighted the potential economic risks Nigeria might face if Trump’s energy policies trigger a glut in global oil supply. Speaking to journalists, Simon explained that Trump’s recent executive order declaring an energy emergency could lead to increased U.S. oil drilling, oversupplying the market and impacting OPEC’s share, where Nigeria is a member.

“Nigeria is vulnerable when crude oil prices drop globally. A decline results in lower foreign exchange earnings and reduced government revenue,” Simon warned. However, he noted a possible reprieve due to the lag before any significant ramp-up in U.S. oil production.

The economist underscored the need for Nigeria to diversify its economy to mitigate the adverse effects of such external shocks.