per barrel and it went up to 143 USD. When we came, it collapsed to $37 – $38 and later was oscillating between $40 and $50” – Buhari .
“For 16 years and eight consecutive governments of the other party, you know that there was unprecedented revenue realised. The oil projection which can be verified was 2.1 million barrels per day. 1999-2015, the average cost of each Nigerian barrel of oil was $100 per barrel. When we came it fell to less than $30 per barrel and is now oscillating between $40 and $50” – Buhari .
The market went into a slump, and we started borrowing. Circa 1978 to 1980, there were issues between Iran and the USA, and then the Iran/Iraq War, leading to cutbacks. That was probably when we started importing Akinloye champagne as Shagari’s ministers went crazy. Under General Babangida’s government around 1990, the Gulf War happened. Iraq invaded Kuwait, and the USA had to bomb Iraq.
The editor of the UK-based Africa Confidential publication, Patrick Smith, said: “Europe has to rapidly find alternatives to Russian gas, and the most reliable alternatives are in Africa. It’s a great opportunity for African states to move in, and get new deals done quickly,” he added.
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