Nigeria’s capacity to survive the low crude price period has been portrayed as a supernatural occurrence by Secretary-General of the Organization of Petroleum Exporting Countries (OPEC).
According to Mohammed Barkindo, the country’s worst days due to the low crude prices were over. He was speaking during a courtesy visit to Dr Ibe Kachikwu, Nigeria’s Minister of State for Petroleum Resources.
‘‘We have gone through the worst energy cycle in recent memory. Some of us who have been around for quite a while, have witnessed all these five cycles and it is a consensus in terms of the gravity of these cycles, prices have crashed by over 80% from the fall of 2014 to January 2016.
‘‘How you survived as a government as an institution under this great industry remains a miracle. I have visited all other countries and I have seen how they are struggling,’‘ he added.