Nigeria’s finance minister, Kemi Adeosun, has said that Nigeria won’t overcome economic recession through the actions of the Organisation of Petroleum Exporting Countries, OPEC.
Mrs. Adeosun made this statement on Wednesday, while answering questions from journalists on the sidelines of the International Monetary Fund and World Bank spring meeting in Washington.
The minister said “I’m not sure that I agree that OPEC is the reason that we will get out of recession.
“We will get out of recession because we are following the right type of policies. Our objective is not just to get out of recession, our objective is to grow and grow sustainably.”
According to Premium Times she stated that Nigeria must focus on implementing the right type of economic policies to get out of recession.
She pointed out that oil revenues account for around 10 per cent of Nigeria’s overall GDP (gross domestic product ) and argued that the implementation of domestic policies would hold the key to a long term economic recovery.
Nigeria, Africa’s largest economy relies mainly on oil as its source of revenue.
Brent crude has soared by around 19 per cent since OPEC decided to reduce output and analysts forecast oil prices to return to the mid $60s by year end.
Commenting on the deal, Mrs. Adeosun said, “We very much are benefitting from the improved oil price, you know it went as low as $28 a barrel. So, the region that it is in at the moment, it gives us the ability to plan.