To survive the global oil price slump, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, on Wednesday said that Nigeria has to be more competitive.
The minister, who was just elected first female President of Organization of Petroleum Exporting Countries (OPEC), said that Nigeria must ensure the right enabling parameters and indices to attract the right end user markets for its products.
She said Nigeria cannot afford to continue to do business as usual.
The minister said: “Most certainly, quite clearly and that actually comes to the
ministry of petroleum sources position, that Nigeria has to be much more competitive at this time and going into the future.
“We cannot continue to do business as usual. We must ensure that we have the right enabling parameters and indices in this country to attract the right end user markets, end user demand for our products because they are so many other countries that would be competing for those end user makers and to get that end user demand.
“So we will have to seat down and reformulate our entire approach over the next months or so, in fact immediately to ensure that we are in fact at the cutting edge of competitiveness. We should make ourselves competitive in the market and we are able to garner and take those end user markets.”
On her new position in OPEC, she said: “First of all it wouldn’t have happened if the President had not had the courage to appoint a woman into the portfolio of Ministry of Petroleum Resources, which meant that I now headed the country’s delegation to OPEC.
“I must say that that was a daunting thing, it happened about three and half years ago, I went into a body which is completely male dominated and mostly Arab dominated as well. But I have found that they have come to respect me and respect Nigeria’s voice over the last three years in OPEC very highly.”
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