Nigeria and Angola on Saturday agreed to cooperate and also reach out to other oil producing countries in an effort to shore up the dwindling price of oil in the global market.
This understanding was struck when Nigerian President Muhammadu Buhari and his Angolan counterpart, Jose Eduardo dos Santos met at the sidelines of the Summit of the Forum on China-Africa Cooperation (FOCAC) in Johannesburg, South Africa.
President Buhari, who agreed with President Eduardo dos Santos that there was no logic in producing more oil for less money, called for a new consensus among oil producing nations on the current level of oil price.
The two leaders while acknowledging that their countries depend heavily on oil for sustaining their national economies, agreed to get their oil ministers to meet urgently with a view to finding a way forward.
President Eduardo dos Santos had earlier thanked President Buhari for sending a delegation to his country’s 40th Independence anniversary this year. He also expressed sympathy with Nigeria on its security challenges, noting however, that he believed that President Buhari is the right person to restore peace to Nigeria given his military background.
He described Nigeria as a very important country in Africa that is traditionally looked upon to help solve problems on the continent, adding that his country and Nigeria which share similar security and oil challenges in the Gulf of Guinea must forge closer relationship to overcome the mutual problems.
President Eduardo dos Santos said he looked forward to meeting President Buhari again and invited him to visit Angola next year with a view to finding solutions to common problems and deepening bilateral relations.
FEMI ADESINA
Special Adviser to the President (Media and Publicity)
December 5, 2015
Special Adviser to the President (Media and Publicity)
December 5, 2015
OK no problem
ReplyDeleteThe only blogger that doesn't talk abt the kardashian,yet makes life meaningful...I luv u Stella
ReplyDeleteNow it is clear that you can't go around changing oil prices on your own,neither can you change the value of dollar to naira at a snap of the fingers.
ReplyDeleteThis is why we have Organisation of Petroleum exporting countries: Algeria, Libya, Venezuela, Iran, Iraq, Kuwait, Libya, Angola,Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Ecuardor.
Good step@meeting other countries involved.
There is NO WAY that Nigeria and Angola can affect the price of crude oil. Saudi Arabia produce 11.7 million barrels, US 11 million barrels, Russia 10 million barrels a day. How much does Nigeria and Angola TOGETHER produce? About 4.3 million. I laff in fulani! Saudi, US and Russia will not cut supply because of different political reasons. Nigeria is hurting badly from oil prices because we failed to diversify our economies. The oil boom in the 70s came and went; nothing happened. Iraqi oil windfall of the 80s came and went; nothing happened. It was only during the oil boom of 1999-2014 that Nigeria tried "a little bit" to diversify. All in all, from 1970 to date, governments and leaders have come and gone with nothing meaningful done. Hmmm, the case of Nigeria will be worse that that of Greece.
DeleteThe oil boom and diversification happened doe private individuals/families even though it never materialized for the youths/masses. How else did folks, such as, Alakija, Obasanjo, Atiku, T.Y. Danjuma, Abacha, Alhaji Alhaji, become overnight billionaires? Now, these are just a few of the fat cats we know while there are many more of them in the shadows. Shall the war on corruption ever bring them to the books or not? The people are clamoring for real changes, NOW.
DeleteMeant to say: for private individuals/families.
DeleteJohn walker of nigeria
ReplyDeleteNgwanu!
ReplyDeleteHmmmm i pray the outcome of all this travelling will bring that change they voted for
ReplyDeletePls o..they shud make sure d price sky rocket, the higher d better.
ReplyDeleteHmmm...
ReplyDeleteThe only way the oil price can go up again is by reducing supply. In order to effect the decision to reduce supply, all 12 OPEC members must be in unanimous agreement concerning the decision, otherwise, the status quo will remain.
Saudi Arabia, in trying to frustrate the U.S. Shale oil producers into stoping production refused to reduce oil supply.
Kuwait, UAE and Qatar did not and will never vote in opposition to Saudi Arabia. Herein lies the problem.
While the OPEC members struggle with decision taking, Nigeria should focus on developing other sources of revenue. For now at least.
We still have agricultural products for exports, our hides and skin( if ponmo eaters go let us see road ), other mineral resources...
We can improve on security and power supply and in so doing encourage FDI. The people in power know all this, but corruption no let them do the right thing.
50,likes for ur comment
DeleteNice one.
ReplyDeleteGood one, make e sha no cos fight between two countries .
ReplyDeleteStupid president, worthless idiot going everywhere mtchewww
ReplyDeleteHehehehe, e be like say u hate am pass me oh, or just as much. Ride on jare, his haters got nothing on u.
DeleteThe man na confirm Dullard with empty brain. He has no plans to move Nigeria forward, how can he??? Wen cobwebs don cover him brain.
Okay.
ReplyDeleteOkay. Good news
ReplyDeletewww.ckjacob.com
Who dem help?
ReplyDeleteEnd time cooperation
ReplyDeleteAnything they like they shld do...Sai baba Sai fake change
ReplyDeleteStory
ReplyDeleteStory
Story
ReplyDeleteNIGERIA AND ANGOLA TO INCREASE OIL PRICE? Please stop!
ReplyDeleteThe current fall in oil price requires all OPEC and non OPEC countries (especially USA shale oil sector ) to cut productions and increased (agitated) consumption of oil to shore up prices. NIGERIA WILL ONLY END UP LOOSING EARNING FROM REDUCED EXPORTS IF SHE CUTS DOWN PRODUCTION. Solutions to Nigeria's present circumstances are obvious including to exploit gas markets, reduce and subsequently end import of refined products, increase efficiency/reduce wastage in the oil industry, etc. I do not want to sound political and so I will only say that Presidency should adequately check facts and have more listening ears to Kachuckwu (and his team) rather than the politicians. I wonder what the outside world will think when they read this "Presidential" statement.
That's too harsh...
ReplyDeleteNigeria and Angola to increase oil price. Biggest joke of the century. Buhari should not go back and think of how to diversify the economy and stop 100 % dependence on crude oil . He should continue globe trotting .Nigerians should pray US starts shutting down wells because Saudi Arabi is not cutting production. They have enough money in reserves to sustain their country for long as the oil price remains low. Nigeria, politicians have stilen almost everything and they are still stealing.
ReplyDeleteThe most stupid news ever, this man is a real dunce, of all countries angola lol .. u had better diversify the economy, if you like continue this ur worthless globe-trotting
ReplyDelete