Nairametrics| The Minister of Finance, Kemi Adeosun, has said that it is the ‘right policies’ implemented by the FG that will pull Nigeria out of the recession and not the activities of the Organization of Petroleum Exporting Countries, OPEC, Premium Times says.

Adeosun claimed that all the OPEC’s decision to exclude Nigeria from cuts did was to provide stability needed to plan. “What we didn’t need was volatility, we need much more stability which the OPEC deal has given us… you know it went as low as $28 a barrel. So, the region that it is in at the moment, it gives us the ability to plan.” she said.

OPEC had in November 2016 agreed to cut production in order to shore up crude oil prices, which plummeted at an alarming rate. Nigeria was however excluded from the cuts, as it was registering record-low production figures as a result of militancy in the Niger Delta region and the economic recession plaguing the country. Since then, oil prices have increased while production has been restored to near-capacity in Nigeria, following talks with the Niger Delta communities.

Many analysts have been ascribing any possible economic growth Nigeria may have in 2017 to the increased oil prices caused by the OPEC decision to cut production. However, Adeosun is insistent that it is the right policies, which the Ministry she heads is involved in formulating, that can lead Nigeria out of the recession.

“I’m not sure that I agree that OPEC is the reason that we will get out of recession. We will get out of recession because we are following the right type of policies. Our objective is not just to get out of recession, our objective is to grow and grow sustainably.” she said.



Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience. Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.


  1. why not ?we must give credit to whom those credit who deserves their honour and respect.our world is not built on delusion.madness,selfishness but on goodness virtue and godliness.if govt lift Nigeria from recession.she maybe the best finance minister we have since awolowo.the genius of awolowo is that he have an original mind,he knows his job.awolowo is not a trained economist but trained in 2 first degree, degree in commerce and any economist in his ministry of finance must have his fact and argument correct before coming to his office.
    Last week, going through Nigerian newspaper we have some.nigerians accusing Mrs Iweala of performing hendoism and voodoo economic theory in Nigeria.this present govt have maybe 2 yrs to convinces Nigerians that,they meant good for Nigeria,they have started to call president buhari baba go-slow.meaning the economy have been lifted,maybe in the the next 2 or 3 months full business may come back fully pre-recession.
    The country did faces it’s biggest crisis for more than 50 could have gone’s worser than the economic did faces security,social,madness,nigerian unity,human rights,corruption.personally let kemi defend herself.let her blows her trumpet,there is an Igbo proverb that goes this way.”An agama lizard fell from a tree,he looks around,there is nobody to laugh at his clumsy in falling from a tree,he check his body,no bones broken,the lizard started to dance in “inyanga” in pride,praise and glory to the almighty God I fell from the top of the tree,and there is no broken how many lizards that fell from this tree and die,while I am still alive,who are you to judge me”

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