Nigerians may be on the path to rejoice as Secretary-General of the Organisation of Petroleum of Petroleum Exporting Countries (OPEC), Dr. Mohammed Barkindo, says the worst days of the current economic recession are over.
Barkindo disclosed this on Monday while addressing a news conference organised by the Minster of State for Petroleum, Dr Ibe Kachikwu.
He said, “We are on the course of pulling this industry out of the worst recession that we have entered to restore stability to the market on a sustainable basis that will allow investments to come back on a continuous basis.”
Barkindo commended the government for staying afloat during the price-crash, calling the period “the worst energy circle in recent memory’’.
“Some of us who have been around for quite a while have witnessed all these five circles and it is a consensus in terms of the gravity of this circle, prices have crashed by over 80 per cent from the fall of 2014 to January 2016.
“How you survived as a government and as institutions under this great industry remain a miracle.
“I visited all other countries and I have seen how they struggle but you have weathered the storm, I think the worst is behind us.’’
He said the agreements reached by the cartel and non-OPEC members in Algiers and Vienna during their meetings in November and December 2016 were lifesaving measures as they had overcome market challenges.
