Nigeria’s oil sector may not get a much-needed revamp in 2020 as President Muhammadu Buhari’s state-led economic model will likely throttle reform and blunt efforts to increase oil production in the near term and further out. President Buhari’s radical move in November to hike taxes on companies operating in its lucrative deepwater blocks may have raised the government’s share of the revenue from oil but could backfire by deterring international oil companies from Africa’s largest producer and hindering output growth. “The prospect of more IOC divestment from Nigeria is looming, especially as [the] 20-year deepwater production sharing contract agreed in the mid-1990s begins to expire,” Ed Hobey-Hamsher, senior Africa analyst at […]