The fall of crude oil price to below $30 per barrel continued to create hard time for oil producing countries, especially a country like Nigeria which depends solely on the commodity for her main source of income.
The division among OPEC countries further exacerbates the situation. As countries look for ways to get out of this problem, the Minister of State, Petroleum Resources Dr Ibe Kachukwu said that Nigeria needs to invest in new projects as well as diversifying to other resources.
“No matter what we do, it’s crucial to look inwards and improve the refineries so that we could stop importation. And that is something I am very focused on”, said Dr Ibe Kachukwu. He also added that our investment models obviously has got to change.
Some analysts who spoke to The Republican News reporters on the topic were of the opinion that politics,conspiracy, and crisis in the Middle East also had effects on the fallen oil price. The regional conflict between Iran and Saudi Arabia, has added some effects to the crisis. Some analyst added that Nigeria must add values to her oil or petroleum products by increasing manufacturing base within the country. They also hinted on the urgent need for OPEC to proffer lasting solutions to the problem at hand.
By Ike A. Offor (IkeA.Offor@yahoo.com)