Expert Warns of Economic Impact on Nigeria from US Arrest of Venezuela President

Nigerian economist Kalu Aja explains how the US arrest of Venezuela President Nicolas Maduro affects Nigeria's economy, particularly in the oil and gas sector. The US taking control of Venezuela's oil reserves has led to increased oil supply globally, pushing prices lower.

This impacts Nigeria's budget assumptions for 2026, which may face challenges if oil prices continue to fall. Nigeria's crude oil shipments to the US have been significant, reinforcing its position as a key player in Africa's oil production market.

The US Mission in Nigeria highlights the country's pivotal role in the transatlantic energy market.