Nigeria seeks OPEC’s review repercussions of output strategy

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President Buhari asks OPEC to understand peculiar challenges

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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.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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