Oil contracts in Nigeria will be renegotiated. The country, which is Africa's largest oil producer, will renegotiate oil contracts between state-owned oil company NNPC and international oil majors such as Shell, Chevron and Exxonmobil. The purpose of the renegotiated agreements is to patch up a bleeding hole in the Nigerian state's coffers, sparked by the low oil prices in recent years, reports the Financial Times.

Last month Nigeria's president Buhari appointed a new head of the country's state-owned oil company, Ibe Kachiwku, Following his appointment, the new Chief Executive immediately announced his intention to renegotiate the approximately 20-year-old contracts with the foreign corporations in order to secure Nigeria a bigger slice of the pie.