Niger Delta militants call ceasefire after weekend losses
The Niger Delta Avengers (NDA) said the ceasefire was not prompted by the military losses, warning President Muhammadu Buhari that “no amount of troop surge and simulation exercises will make you win the oil war”.
NDA’s repeated attacks on infrastructure cut oil revenue by half in July, taking Nigeria’s exports down from 2.2 million barrels per day to 1.5 million.
The government appeared sceptical about the ceasefire announcement with presidential spokesperson Femi Adesini saying they hoped the statement “is sincere”.
NDA’s sabotage on oil infrastructure had brought about a fresh headache for Buhari’s administration already battling a torrent of bad news including recurrent problems in the banking sector, oil prices that remain stubbornly low and a currency devaluation.
Early this month, Nigeria lost its status as Africa’s biggest economy after a strengthening rand pushed South Africa back above the west African country.
Several top tier companies have exited the Nigeria market, including South Africa’s Tiger Brands, Woolworths and most recently, Sun International.