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OPEC exemption boosts Nigeria foreign reserves by $20b



CRUDE oil production exemption granted to Nigeria in 2016 by Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members led by the Russian Federation helped the country raise her foreign exchange reserves from $25 billion to $45 billion.
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, disclosed this yesterday in a podcast released by his office in Abuja, explaining how his shuttle diplomacy across member countries of OPEC resulted in the famous production cap agreement that helped to shore up global oil price.
According to him, Nigeria’s request for a production cap exemption during the negotiations ensured more oil was produced and sold to rake in over $20 billion addition into the country’s foreign exchange reserves.
“We took over OPEC when prices were plummeting and countries were fighting over who would bring in barrels. It was a very tough time to lead OPEC and my job was stopping the attrition war and see how everybody could cooperate and help OPEC regain its credibility, relevance and premium pricing, and this resulted to the OPEC declaration,” Kachikwu said.

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