Nigeria seeks OPEC’s review repercussions of output strategy

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President Buhari asks OPEC to understand peculiar challenges

Nigeria in recession as economy reels from COVID-19 pandemic

London — Nigeria is the latest OPEC member to urge the producer group to consider the economic implications of steep production cuts on its members ahead of the OPEC+ formal meeting next week.

“On the peculiar challenges facing the country amid its large population and immense deficit in infrastructure, the president [Muhammadu Buhari] urged OPEC to consider the weight of the responsibility of the nation with 200 million poor people, with severe deficit in infrastructure when sharing oil production cuts,” a spokesman from Nigeria’s president’s office said late Nov. 26.

This statement comes a few days after Africa’s largest oil producer entered recession after its GDP fell for two consecutive quarters, as a fallout from the oil price crash and the coronavirus pandemic.

Nigeria’s oil output has also fallen sharply in recent months, as it has had to make hefty cuts as part of its OPEC+ obligations, which has severely cut into its oil revenues.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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