The diverging fortunes of Africa’s crude kings

Profound differences in governance style will impact the speed and development of future energy projects across Angola and Nigeria

The 2014 oil price collapse hit Nigeria and Angola hard. Successive years without final investment decisions (FIDs) left sub-Saharan Africa’s top two oil producers confronting maturing fields and declining production. In Nigeria, president Muhammadu Buhari has done little to rekindle investment since assuming office in 2015—operators now face another three years of his slow-moving administration. By contrast, Angola’s head of state, Joao Lourenco, was quick to enlist the support of oil majors after assuming power in September 2017. The countries’ trajectories will continue to diverge in 2020 as Lourenco’s reforms reap rewards and Buhari continues to dither. Regulatory reforms Key to revivin