Nigeria’s changing relationship with OPEC

Back in 1960, The Organisation of the Petroleum Exporting Countries (OPEC) had only five members - Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Over the years since it has grown to include many more countries who have rich natural oil and gas resources – Nigeria joined the organisation in 1971. The OPEC countries founded the organisation with the aim of coordinating and unifying petroleum policies among Member Countries. Benefits on all sides The arrangement was designed to bring huge benefits to both consumers and producers of petroleum products by ensuring fair and stable price for both sides. Thanks to OPEC, the producers can be sure that they will get a fair price for their product, while consumers are guaranteed an efficient and regular supply. This stability is also a major draw for investors in the industry, who see OPEC as an important stabilising force and a guarantor of fairness. So what has Nigeria’s relationship with OPEC been over the years? “Nigeria has benefited...
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Midwestern Oil & Gas’ to Enable Food Security in Nigeria

Food shortages have hit Nigeria, due to an unprecedented increase in demand, negatively impacting quality of life for our people. Led by our Chairman Onajite Okoloko, along with Midwestern Oil & Gas’ sister firm Notore, we are working to combat these food scarcity issues. Tackling food shortages Our people need regular and sustainable access to food, to lead healthy, prosperous lives and yet food scarcity impacts millions of us. The federal authorities are now tackling the underlying issues behind this situation, for example, by making Nigeria a self-sufficient rice producer by 2018, reducing our reliance on expensive imports, to make food more affordable. Commenting, Mr Okoloko said: “We are dedicated to helping our government bring greater food security to the nation, so citizens can realise brighter futures. Through our Corporate Social Responsibility programme, we invest in areas such as education and job creation, so our people can enable food security for themselves. Meanwhile our sister company Notore provides this land’s farmers with...
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