Non members key to stabilizing the oil market-Buhari

Still battling with the reality of falling oil prices, President Muhammadu Buhari on Sunday in Doha, called on member states of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members to cooperate and find a common ground to stabilise crude oil prices, insisting that non OPEC members are key.

President Buhari, who was speaking at a bilateral meeting with Sheikh Tamim Bin Hammad Al-Thani, the Emir of the State of Qatar, described the current market situation in the industry, which has seen oil prices plummet by 70 per cent since mid-2014, as “totally unacceptable.’’

“As members of OPEC and Gas Exporting Countries Forum (GECF), our relations in the areas of oil and gas, which our two nations heavily rely on, need to be enhanced and coordinated for the benefit of our people.

“The current market situation in the oil industry is unsustainable and totally unacceptable.

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“We must cooperate both within and outside our respective organisations to find a common ground to stabilize the market, which will be beneficial to our nations,’’ the President said.

The President, in a statement by his Special Adviser, Media and Publicity, Femi Adesina, also used the meeting to commend the existing cordial bilateral relations between Nigeria and Qatar and invited prospective Qatari investors to take advantage of the abundant opportunities in Nigeria and invest in the key areas of energy, agriculture, real estate development, banking and finance.

He further assured prospective investors of government protection of their persons and investment, noting that in the course of his visit, the delegations from Nigeria and Qatar would formalise at least two bilateral agreements to boost economic cooperation between both countries.

On the conflicts in the Middle East, especially Syria, the President said: “The conflicts in Yemen and Syria with their attendant humanitarian crisis need genuine international effort to solve. Nigeria as a peace loving country identifies with the State of Qatar in all her peace efforts in the world to end terrorist activities.

“Nigeria is a victim of terrorism. It is with heavy heart that I stand before you and say activities of Boko Haram have led to loss of many lives and displacement of innocent people in our dear nation.

“We, however, take pride to inform you that since our coming to power, Boko Haram has been systematically decimated and are in no position to cause serious threat to our development programs.

“I wish to reiterate that Nigeria rejects violence and extremism in all their ramifications, and assure your Highness that we are with the State of Qatar in your efforts to fight terrorism and injustice in your region and in the world at large.’’

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