Business & Economy

Nigeria asks OPEC to review repercussions of output strategy

By Uchechi Ojo November 27, 2020374 views

President Muhammadu Buhari in a statement from his office’s spokesperson 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.

He stated this as there are peculiar challenges facing the country amid its large population and immense deficit in infrastructure.

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.

Uchechi Ojo

Uchechi Ojo, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn