President Muhammadu Buhari has strongly lashed out at past administrations in Nigeria over their total reliance on oil as their only source of revenue in a country where there are hundreds of mineral resources capable of boosting the nation’s income.
Buhari who spoke over the weekend in an interview he granted to Al Jazeera reporters, said despite making low income from the price of crude oil, Nigeria was not thinking of backing out of the Organisation of Petroleum Exporting Countries (OPEC), instead he believes members must “act together to save the situation”.
“ In Nigeria, we were unable to diversify our economy, hence we are much more disadvantaged by the lower oil prices and OPEC may try to help us out but really, it’s basically our own fault.”
Prices of crude in the international market have slumped by more than 70 percent to near $30 a barrel over the past 18 months as OPEC, led by top producer Saudi Arabia, sought to drive higher-cost producers out of the market by refusing to cut production despite a supply glut.
Meanwhile, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu last week said some oil-producing countries, including Russia, would meet in Moscow on March 20 to discuss and find a lasting solution to the continuous drop in oil price.