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.