The Oil Situation in Nigeria
Oil is a fossil fuel which is used as a major source of energy throughout the world. It is not a sustainable energy source and hence it’s also not found in abundance. It takes years to get created and the demand is always high while the source is limited. There have been many wars waged around the worst for oil and the prices are always high. There is always a debate about the subject of oil and gas and Nigeria is not left out of this. Nigeria is the biggest exporter of crude oil in Africa but in spite of that, their revenue has been very low in the recent times. 90% of their foreign exchange earning depends on oil and right now people in Nigeria are struggling to keep that from diminishing.
Recently there was a bilateral meeting between Emir Sheikh Tamin Bin Hamed Al Thani of Qatar and Nigerian president Mr. Muhammad Buhari. Buhari stated in this meeting that currently the oil found in their country is very limited and “non-sustainable” and he is ready to start making amends in order t try and make the situation better several countries are a part of the Gas Exporting Countries Forum and the Organization of petroleum exporting countries. Qatar and Nigeria are a part of both the organizations. Since the year 2014m oil prices and crashed down in Nigeria causing a major hindrance in their foreign exchange revenue. Buhari said that the current relations between Qatar and Nigeria are good and he would like to take that into account while trying to bring a balance to the extraction, production, and export of their crude oil.
He also encouraged people, while addressing the rest of the world to come forward and take the initiative to make better relations with Nigeria in order to establish a basic balance in the economy of their country.