Nigeria, Saudi Arabia commit to raising oil price

PIC 24. PRESIDENT BUHARI IN SAUDI ARABIA

Leaders of Nigeria and the Kingdom of Saudi Arabia have expressed commitment to a “stable oil market” and a “rebound of oil price.”

At a bilateral meeting between Nigeria and Saudi Arabia in Riyadh hosted by the ruler King Salman Bin Abdul-Aziz, the two leaders accepted the fact that their two economies are tied to oil and that all cannot be well with both countries when the world oil market is unstable.

They therefore committed themselves to doing all that is possible to stabilize the market and rebound the oil price.

The two leaders did not expatiate ‎on modalities they plan to adopt in raising oil price.

The two leaders, who engaged in extensive discussions on regional and global issues, also agreed that terrorism posed a common threat to their states and would require close cooperation to prevail over the threats.

President Muhammadu Buhari, who was making his first pronouncement on the invitation to join the coalition of Islamic states against terror spearheaded by the Saudis, congratulated the Kingdom on its formation.

“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),” the President said.

Speaking on global terror generally, President Buhari said that “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 Saudi government for its continuing support to Nigeria in the fight against terrorism.

Turning to the menace that Libya has turned into, President Buhari regretted that the late Libyan leader Muammar Ghaddafi recruited, trained and armed citizens of many states in the Sahel region.

With his fall, these mercenaries have returned to their countries, “doing nothing but to shoot and kill.”

He cited Burkina Faso and Mali as the main victims but expressed happiness that the countries neighboring the Lake Chad have tightened 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.”

He and King Salman hoped that the Libyan factions will soon see reason to reunite and fully restore their own country so as to save the world from further terrorism spin-offs from that country.

The leaders also focused on trade between their states and agreed to give fresh impetus to the joint commission previously established in order to boost commercial and other activities to unify their peoples.

In his remarks, King Salman commended the progress made by Nigeria in combating terrorism and promised to give further support and assistance.

He welcomed the support of the Nigerian government for the new anti-terrorism coalition and implored the President to consider its full membership.

King Salman pledged his full support and cooperation to Nigeria under its present leadership and directed all agencies of his government to follow up on the discussions.

“I now instruct my team to go and sit down with your relevant agencies to push forward cooperation between our states,” the King said.


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  • Crude Oil has owners in d SS

    Addressing Nigerians in Addis Ababa at a town hall meeting President Buhari said, “The theft of oil by some Ijaws that happen to live there, who feel that the oil belongs to them Ijaws and not the country, is an irritating thing for those of us, who participated in the civil war for 30 months in which at least two million Nigerians were killed” Unquote. The Ijaw nation took part fully in ending the Nigerian civil war – more than the Fulanis from Chad-Niger Republic, Mali and Burkina Faso. Hundreds of thousands of Ijaws died trying to keep Nigeria One—But today the Fulanis and Yorubas are calling them Ijaws from the SS- oil thieves—————to their poverty stricken faces and in their own backyard—-where the oil wells are located-Separation is the answer–Not the rule of the Fulanis ati Yorubas and their Ibo surrogates-who own the oil blocks in the Niger Delta–again–let my people go–

  • 9ja deserves better dan Buhari

    Freedom is our goal–not the rule of the Fulanis ati the Yoruba traitors–and their Ibo surrogates in APC-

  • crude oil have owners in d SS

    Addressing Nigerians in Addis Ababa at a town hall meeting President Buhari said, “The theft of oil by some Ijaws that happen to live there, who feel that the oil belongs to them Ijaws and not the country, is an irritating thing for those of us, who participated in the civil war for 30 months in which at least two million Nigerians were killed” Unquote. The Ijaw nation took part fully in ending the Nigerian civil war – more than the Fulanis from Chad-Niger Republic, Mali and Burkina Faso. Hundreds of thousands of Ijaws died trying to keep Nigeria One—But today the Fulanis and Yorubas are calling them Ijaws from the SS- oil thieves—————to their poverty stricken faces and in their own backyard—-where the oil wells are located-Separation is the answer–Not the rule of the Fulanis ati Yorubas and their Ibo surrogates-who own the oil blocks in the Niger Delta–again–let my people go–

  • PolyGon2013

    We will not join terrorist coalition (Saudi Arabia & Arab nations). The Saudis and their surrogates created terrorism, and their coalition is just a mirage. Thank you PMB for not joining them. We are secular states.

  • Dr Pat Kolawole Awosan

    The problem is the Saudi Arabia leaders are very untrustworthy as Saudi Arabia,while dancing to the American tune trying to favour USA adopted the policy in the OPEC for massive oil production that resulted to global oil glut in the world market which dragged down world oil price which is now under S30 dollars per barrel.But the collapsing oil price is currently affecting Saudi Ararbia economy,Kuwait economy,Qatar economy and UAE economy,that they are currently firing thousands of oil sector employees and their domestic economies including Canada and other economies around the World.
    The best thing is that Nigeria president Buhari,s government is currently diversifying our economy from reliance on oil revenue.

    • true nigerian

      The reason you rendered that is responsible for oil price plummeting is false. You just worded your opinion that’s it. Oil prices came down because America currently produce their oil and it’s being used locally. America used to be the world number one client for crude oil purchase. Today, they left a huge surplus in the market forcing prices of crude oil to fall. Thank you

      • Paul Young

        You just said the same thing he said in a different way. Its both correct. America is producing and exporting, Saudi and neighbors also increased production

        I JUST WANT TO ENJOY THE DIVIDENDS OF DEMOCRACY

    • alalibo2

      Yes I agree with you but most times a country could be led astray without knowing , just as the Saudis by the US. They may have come to realize that, this is not working for them, and may retract their position. I strongly believe that Buhari is a strategic person, who needs a short and medium term plan to get things done by high level diplomacy while putting an eye on the long term plan of diversifying the economy in order not to come to this point we are now as a nation.

      • Iniabasi Akpan

        U certainly assume too much of this man.

      • Otile

        Imam Buhari has no foresight, for him long term plan is a long shut.

    • IZON Redeemer

      To creating groundnut pyramids ati cocoa abi? Oil will go down to 5 cents PER a barrel then u will know kahaki no be leather—u will let The people of the SS go—————For now God has decided to harden the Satanic Fulani heart of Buhari.-……Thieves

    • CovertNigerian

      Goodness! I don’t know where you people dig up these falsehoods from. The oil glut has a lot more to do with the very sharp rise in US oil production from shale oil resources in recent years, the decline in oil demand growth in places like China than Saudi’s production level.
      The Saudis are protecting market share and have argued that their low cost production should not be cut in favour of costlier shale oil production. There is economic rationale in that point. Their position is about their self interest and not about favouring the US. If anything, they are trying to drive shale oil producers in the US out of business.

      To your point about diversifying the economy? I agree 100% that it’s in our long-term benefit. Whether Buhari & Co. are actually doing something about it as opposed to talking about it like their predecessors remains to be seen.

  • persona

    “I now instruct my team to go and sit down with your relevant agencies to push forward cooperation between our states,” the King said.”
    For all those that said the president is junketing around, would a minister get the king to have made such a statement?
    The man may be making several trips BUT, commitments are extracted at the highest level of diplomacy.

  • dike offor

    I have read and watch the President speech on local and foreign trip,the man behind that script and policy makers are the one working,I do applaud them..I must say the combination of President Buhari and Osinbajo has brought integrity of the country.We pray for peace and joy.

    • Otile

      You have said nothing, boy.

  • Tamuno-Opubo Cookey-Gam

    That picture is not of King Salman o Premium Times. That is the governor of Riyadh.

    • CovertNigerian

      You are incorrect sir.

      • Tamuno-Opubo Cookey-Gam

        They have

  • Cleartruth

    Nigeria is not an Islamic state and cannot be allowed to join coalition of Islamic countries. We can only support as other countries like usa, France and Britain. Any attempt to make nigeria part of this coalition must be resisted by all Christians.

    • musa aliyu

      Hear this retrogressive element trivialising important matter to hatred he harbours for Islam. Continue to resist and see whether you can separate the fact that there are Muslims who must live with Christians in the inseparable union called Nigeria.

      • Iniabasi Akpan

        …& kill them as animals in their churches.u forgot to put that musa.

    • tundemash

      Stop foaming. Read the President’s statement properly, it is written in simple English.

      “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.>/b>

    • New Nigerian

      IBB took Nigeria to normalize relationship with Israel to keep Nigerian Christians Happy. He elevated Nigerian status in OIC from “Observer” that Gowon put it to “Member” at the same time to keep Muslims happy…all we hear about is the railing against the latter in every step of the way while embracing the former. The New Nigerian cares NOT about all these divisions – black cat or white cat, so long as it kills rat is the new realism. Nigeria is member of coalition of Islamic Counties, and Coalition of Christian countries. May both coalition bring Nigerians goodness and put out evil

      • Excisionist

        You Momammedans will never cease to amaze me with your twisted logic.

        When did normalizing relations with Israel become analogous to declaring Nigeria andIslamic state and joining it with Islamic organisation OIC.. It makes sense if you would say that Christians accept that Nigeria has relations with Saudi Arabia and Israel. That is what is analogous. OK?

        NIGERIA IS NOT AN ISLAMIC STATE and therefore cannot be a member of an Islamic organisation. NIGERIA IS NOT AN ISLAMIC STATE and therefore cannot be a member of an Islamic organisation. NIGERIA IS NOT AN ISLAMIC STATE and therefore cannot be a member of an Islamic organisation

        I get embarrassed and irritated when Muslims from Turkey, Somalia and the Arabs states meet me here and immediately assume that I am a Muslim because I come from Nigeria. Why do they do that? because of membership of OIC.

        If OIC and membership of Islamic organisations is important to Buhari and the whole bunch of them, they should facilitate their excision so that they can have their Islamic republic.

  • FreeNigeria

    This one na wasted trip, Saudi didn’t work with USA to stabilize oil, na Nigeria wen don nor respect dem go work wit.

    • CovertNigerian

      This is a sadly ignorant comment. It is irresponsible to say the first thing that comes to your mind. It is abundantly clear that you have little understanding of what you’re commenting on.

    • tundemash

      Must u comment if you have no clue ?

      • FreeNigeria

        Ok ooo, let see how much oil appreciates as a result of this trip

  • Clairvoyance

    Good one Mr President.

  • 9ja deserves better dan Buhari

    Lagos state Governor, Babatunde Fashola once accused President Goodluck Jonathan of spending more time inside the church than leading the country.

    Fashola made this observation while speaking at the sixth Bola Tinubu Colloquium in Lagos, tagged ‘The Summit of the Common man’,

    According to Fashola, “You must pay critical attention to the people who voted for you.

    “I know that we have employed somebody for the top job in this country but when we asked him about his qualifications and experience, he said he had no shoes. Yes we also asked Buhari for his qualification what he showed us was his 50 years old statement of result-You must decide whether you want someone who spends most of his time in church or mosque, or the man who is ready to spend his time on the job,” he added.Unquote –Now Fashola accused of stealimg more than 4 trillion from Lagos state government, is quiet on the frequent travels of Buhari—One law for Jonathan none for the Fulanis ati Yorubas-

    • ukoette ibekwe

      Our nomadic President and his tours allow APC wigs to pad their pockets to offset their election contributions and when baba returns they find scapegoats for their failures or more appropriately, their stealing schemes

  • Prophet

    Saudi single-handedly toppled oil prices by design and the USA loves the new cheap oil. All these talks about making oil rebound in price is simply diplomatic noise. The addition of Iranian oil to the market did not help the matter either…..too much supply and OPEC is powerless.

    • New Nigerian

      You forgot the addition of USA oil supply boom that led to zero import from Nigeria…so “single-handedly” claim you tie around KSA is incorrect

  • While the “Dog is chasing it’s Tail”, we must continue to invest heavily on economic diversification. The oil glut is a boom to the Industrialized world who happen to be shifting to non-fossilized energies. Last Nigerian administration set the pace on agriculture, manufacturers with local contents, building human capacities including R&D etc. Let this administration build on the achievement of the past administration.

  • Otile

    Swedish girl from Islamic State militants near the city of Mosul last Wednesday, Kurdish officials say. A statement by the Kurdistan Region Security Council (KRSC) said the girl was from the town of Boras

  • Otile

    Iraqi Kurdish forces rescued a 16-year-old Swedish girl from Islamic State militants near the city of Mosul last Wednesday, Kurdish officials say.

    A statement by the Kurdistan Region Security Council (KRSC) said the girl was from the town of Boras.

  • NIGERIAS_COLONIAL_MASTER

    Nigerian navy recovers hijacked oil tanker after gun battle By Stephanie Busari, CNN Updated 7:55 AM ET, Tue February 23, 2016

    The suspected hijackers, all Nigerians, were named as Captain Mike Ugborama, Ayo Joshua, Marcus Adesoji, Adeyemi Paul, Oluwafemi Samuel, and Collins Friday.

    yORUBA the UPRIGHT “SOPHISTICATED” TRIBE, LOL

    OLODO YORUBA HIJACKERS AT IT AGAIN

  • Sir Louis

    Well done PMB. Good diplomacy. Those who refer to your diplomatic shuttles as Waka, Waka, would now have a rethink.

    • yukkmouff

      I don’t know what planet you live on; but if you think for one second, PMB’s visit to the oil Kingdom will have any impact on the global oil price, please have a rethink!

  • NoSpinEd

    The Saudis flooded the market with cheap oil in an effort to drive the US out of the crude oil business. As of today the US is the world’s largest producer of crude oil and natural gas. This is only sustainable when oil prices are high because of the higher cost of extraction in the US. It is highly unlikely that the Saudis will do anything soon to stabilize oil prices at the risk of guaranteeing US energy independence and the spectre of loosing arab crude oil dominance.

  • IZON Redeemer

    Lagos state Governor, Babatunde Fashola has accused President Goodluck Jonathan of spending more time inside the church than leading the country.

    Fashola made this observation while speaking at the sixth Bola Tinubu Colloquium in Lagos, tagged ‘The Summit of the Common man’,

    According to Fashola, “You must pay critical attention to the people who voted for you.

    “I know that we have employed somebody for the top job in this country but when we asked him about his qualifications and experience, he said he had no shoes. Yes when we asked Buhari for his Schhol cert also he said he left it with the army-Now nko? You must decide whether you want someone who spends most of his time abroad like Buhari or the man who is ready to spend his time on the job like Jonathan did”

  • Excisionist

    When dealing with spirits, they say, use a long spoon. So with Saudi Arabia and all those terrorist Mohammedan states. !!!

  • Excisionist

    @New-Nigeria

    You Momammedans will never cease to amaze me with your twisted logic.

    When did normalizing relations with Israel become analogous to declaring Nigeria and Islamic state and joining it with Islamic organisation OIC.. That is the real issue:NIGERIA IS NOT AN ISLAMIC STATE.

    I get embarrassed and irritated when Muslims from Turkey, Somalia and the Arabs states meet me here and immediately assume that I am a Muslim because I come from Nigeria. Why do they do that? because of membership of OIC.

    If OIC and membership of Islamic organisations is important to Buhari and the whole bunch of them, they should facilitate their excision so that they can have their Islamic republic.