Nigeria’s President says current oil market situation is ‘totally unacceptable’

Nigeria’s President Muhammadu Buhari on Sunday stressed the need for member states of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members to take action to stabilize oil prices which have fallen to “totally unacceptable” levels.

The leader of Africa’s largest oil producer was speaking in Doha at a bilateral meeting with the Sheikh Tamim Bin Hammad Al-Thani, the Emir of the State of Qatar.

Nigeria is one of the countries hit hard by the current oil market situation which has seen prices fall by 70 percent since mid-2014. The country relies on oil for more than 90 percent of foreign exchange and around 80 percent of government revenue.

“The current market situation in the oil industry is unsustainable and totally unacceptable,” President Buhari said on the second day of his state visit to Qatar.

“As members of OPEC and Gas Exporting Countries Forum (GECF), our relations in the areas of oil and gas, which our two nations heavily rely on, need to be enhanced and coordinated for the benefit of our people.

“We must cooperate both within and outside our respective organisations to find a common ground to stabilize the market, which will be beneficial to our nations,’’ the President said.

A statement by Buhari’s spokesman, Femi Adesina said that the president invited prospective Qatari investors to take advantage of the abundant opportunities in Nigeria and invest in the key areas of energy, agriculture, real estate development, banking and finance, building on the existing relationship between the two countries.

The statement added that delegations from Nigeria and Qatar signed two bilateral agreements to boost economic cooperation between both countries.