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The Nigeria Solid Mineral and Mining Sector has in effect made the great leap forward which will now allow investors to take advantage of the vast mineral potential Nigeria possess....

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Sunday, 17 March 2019 23:57

NIGERIA PLEDGE SUPPORT FOR SAUDI CUTS

Written by Femi Ogunkolati

NIGERIA SUPPORT SAUDI CUTS 11/03/19

President Muhammadu Buhari, has assured Ahmad Qattan, Special Envoy of King Salman Bin Abdulazi that Nigeria would comply with the Organisation of Petroleum Exporting Countries (OPEC) production quotas to boost crude oil prices through reduction of oil output. The Special Envoy called for greater adherence to production cuts by Nigeria andhoped that he would take a positive message back home. President Buhari said as a responsible member of the OPEC, Nigeria was willing to go along with the Saudi initiative in limiting output so that prices would go up. He further saidoutput cuts have always been difficult for Nigeria considering the country’s peculiar circumstances of large population,

huge expanse of land and state of under-development, adding, “I wish we can produce more.”Buhari, however, said, “I have listened carefully to the message. I will speak with the Minister of State for Petroleum. I will call for the latest production figures. I know it is in our interest to listen. We will cooperate.”

The President explained that higher oil prices will make both nations stronger and their citizens more prosperous. He commended King Salman for his leadership in global oil matters, assuring that Nigeria will continue to accord respect to the Kingdom in that regard. The Special Envoy said he had brought special greetings from King Salman and the Crown Prince, and expressed their best wishes for Nigeria as the country goes into its general elections.

 

Qattan said the important reason for which King Salman sent him was to make a request to President Buhari to ensure Nigeria’s compliance with quotas assigned in January by exiting previous exemption from output cuts. He emphasized Saudi Arabia had cut production by 1.4 million barrels per day in an attempt to ensure that prices went up, stressing, however, that Saudi Arabia cannot bring stability to the oil market and shore up prices single handely.

 

Nigeria has just emerged from recession caused by the collapse in oil prices in 2016 and run a significant budget deficit with increasing debt service obligations. Buhari's administration embarked on massive infrastructure expenditure which is necessary to close the gap in an attempt to diversify the economy away from it reliance on oil.

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