The Guardian Nigeria News - Nigeria and World News guardian.ng 21 Jul, 2021 04:00 am

The Guardian Nigeria News - Nigeria and World News — Energy — The Guardian Nigeria News – Nigeria and World News

The Guardian Nigeria News - Nigeria and World News — Energy — The Guardian Nigeria News – Nigeria and World News
The Minister of State Petroleum Resources, Chief Timipre Sylva has stated that Nigeria’s membership of the Organisation of Oil Exporting Countries (OPEC) has provided critical benefits, especially in the last 50 years.

50 years after being a member, Sylva said in Abuja that the country has played key roles in oil market stability.“The decision by Nigeria to become a member of OPEC has enhanced the development of the oil industry in the country, enabled the country to influence the growth and contribute to the survival of the industry globally, as well as placed the country among the comity of nations engaged in the noble duty of stabilising the oil market for the benefit of all – producers, consumers and investors alike,” he said.Sylva said: “Nigeria has also benefited greatly from the efforts of OPEC to stabilize the oil market taking into consideration that the economy of the country is highly dependent on revenue from oil.Nigeria has also contributed enormously to the survival of the OPEC through turbulent times, by lending full support to the efforts of the Organization to balance and stabilize the oil market.

“Subsidy removal when the President assents to the PIB will become a matter of law because it is already in the PIB that petroleum products will be sold at market determined prices”.But I will also bring it to your attention that today, when the President signs the PIB, subsidy will become a matter of law, because it is already in the PIB that petroleum products will be sold at market determined prices”, the Minister said.

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