Nigeria and Qatar on the future of the oil markets

Nigeria and Qatar on the future of the oil markets

Editorial Staff
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Currently oil accounts for 90% of the African country's exports and 60% of government revenue. For these reasons, the current price crisis is putting strain on Nigeria's economy

Nigeria’s Minister of Natural Resources, Emmanuel Ibi Kachiko, held talks yesterday in Doha with members of the Qatari government to discuss the future of the global oil markets. During the meeting, the possibility of convening an extraordinary OPEC meeting, in addition to the ordinary meeting to be held in June to discuss the fall in crude oil prices, was ruled out. “We see the need for an exchange of ideas at this stage,” explained the Nigerian Minister, “because meetings have been convened without everybody’s agreement and this is having a negative impact on oil prices.” The Nigerian economy has been seriously affected by the fall in crude oil prices in international markets. The support of international creditors will be necessary to finance the budget deficit, estimated at $11.5 billion in 2016, and to cope with the increase in public spending, amounting to $20 billion for the current year. Oil accounts for 90% of the country’s exports and 60% of government revenue.