Nigerian leader to discuss stability of global oil price with Saudi, Qatari counterparts

Nigerian leader Muhammadu Buhari will this week hold discussion on means of stabilizing the global crude oil prices with leaders of Saudi Arabia and Qatar during his official visits to the two countries, a presidency statement said.

Buhari, who is first due in Riyadh on Monday, will hold talks with King Salman Bin Abdulaziz Al Saud and senior officials of the Kingdom of Saudi Arabia on Tuesday before proceeding to Doha to further the discussion with Emir of Qatar, Sheikh Tamim bin Hamad Al Thani.

The statement said ongoing efforts by Nigeria, the largest oil producing nation in Africa, and other members of the Organization of Petroleum Exporting Countries (OPEC) to achieve greater stability in the price of crude oil exports are expected to be high on the agenda of discussions between Buhari and his hosts.

The Nigerian leader is also scheduled to meet with leading Saudi and Qatari businessmen in Riyadh and Doha, and invite them to support his administration's efforts to revamp the Nigerian economy, especially in Nigeria's mining, agriculture, power supply, infrastructure, transportation and communications, among others.

Nigeria's oil revenue has continued to drop following the current episode of decline in global price of crude oil. The African nation has been unable to increase its oil exports due to the negative impact of declining crude oil prices at the global market. Endit