Nigeria, Saudi Arabia Commit To Raising Oil Price


Perturbed about the continuous fall in the price of oil, President Muhammadu Buhari of Nigeria and King Salman Bin Abdul-Aziz of Saudi Arabia have pledged their commitment to ensuring the stability of oil market and the rebound of oil price so as to better their economies. This decision formed the foundation of the discussion of the two leaders yesterday in the second day of President Buhari’s visit to the Kingdom.

At an elaborate bilateral meeting between Nigeria and Saudi Arabia held in Riyadh, the capital of Saudi Arabia, and hosted by the monarch, the two leaders acknowledged the fact that their two economies are dependent on oil and that being the main stay of their economy, there’s no way all could be well with both countries when there is an instability in the world oil market.

Based on that, they made a strong commitment to do everything possible in order to stabilize the market and rebound the oil price. This is according to a statement issued by the Senior Special Assistant on Media and Publicity to President Muhammadu Buhari, Mallam Garba Shehu.

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Without speaking in details ‎on the strategies they intend to employ in raising oil price, the two leaders got involved in vast discussions hinging on issues that affect their regions and the world at large, and eventually came to an agreement that terrorism was a common threat to their states and would demand close cooperation to prevail over the threats.

According to Shehu, president Muhammadu Buhari congratulated the Kingdom on the formation of the coalition of Islamic states against terror led by the Saudis, while making his first pronouncement on the invitation to join the coalition and expressed confidence that the Nigerian government would fully support the coalition. Buhari said,

Even if we are not a part of it, we support you.  I must thank the Kingdom of Saudi Arabia for the recent creation of a coalition to address the menace of international terrorism. Nigeria will support your efforts in keeping peace and stopping the spread of terror in your region.  This is in consonance with our own commitment and on-going efforts in seeking to stamp out Boko Haram terrorists from the West African sub-region and Lake Chad Basin Commission (LCBC)

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Buhari, who was unsettled by the trend of terrorism, made a call for all hands to be on deck in order to defeat the social vice saying,

International terrorism made a statement by attacking one of the advanced countries by carrying out an attack on Paris in which 130 were killed. Now we have to come together to find a common solution to the problem of terrorism.

He thanked the government of Saudi Arabia for their unending support to Nigeria in the anti-terrorism fight.

Talking about the crisis in Libya, President Muhammadu Buhari expressed regret over the recruitment, training and arming of the country’s citizens in many states in the Sahel region by Muammar Ghaddafi, the late leader of Libya.

He noted that with the fall of Ghaddafi, “these mercenaries have returned to their countries, doing nothing but to shoot and kill.”

He mentioned Burkina Faso and Mali as the major casualties but also said he was happy that neighboring countries like the Lake Chad have strengthened their ranks to finish off the Boko Haram threat.

Luckily, we have cultivated our neighbors. We are now working together against Boko Haram, otherwise the problem would have become worse.

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Both leaders, however, hope that the Libyan factions would find a ground for reuniting, and fully restore their country so as to avoid a spiral effect.

The leaders also discussed the issue of trade between their countries and concurred to give fresh stimulations to the joint commission formerly established, so as to increase commercial and other activities, to unify their peoples.

King Salman in his remarks appreciated the support of the Nigerian government for the new anti-terrorism coalition and entreated the President to consider its full membership. He also commended Nigeria’s effort and progress in fighting terrorism and made a promise to give more assistance. Also, in view of that, the King added:

I now instruct my team to go and sit down with your relevant agencies to push forward cooperation between our states.

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