Minister of Works, Power and Housing, Babatunde Fashola has described the trips embarked upon by President Muhammadu Buhari as highly beneficial to Nigeria’s economy.
According to the minister, the president is trying to repair the country’s reputation severely damaged by the last government, and to assure partners that Nigeria has changed.
He said President Buhari has re-negotiated an existing funding agreement to complete critical transport infrastructure, and that through him, China literally opened the door to Nigeria in areas of agriculture, education and manufacturing especially in free trade zones.
In his write-up tagged, "Buhari’s Foreign Trips : My Takeaway", Fashola stated, "I need not say more except that I can attest that PMB has been following up on these matters, and the progress on security is visible, while results on the economic front will manifest soon enough.
On Iran Oil and Gas Summit for those who are not aware, one of the reasons why oil prices went up, and from which we benefited in the past, was that Iran, the world’s 7th largest producer of oil, was facing global sanctions from which she was due to emerge in 2016.
Because Iran was soon to be selling oil, the likelihood of a further crash of oil prices that had drastically fallen was a threat to Nigeria’s economy if oil prices crashed further.(Our 2016 budget proposals had just been formulated on a $38 per barrel assumption) I was witness to PMB’s persuasion to Iran to come to the market slowly instead of pushing out large volumes which will raise supply and crash prices, even though Iran also needed the cash.
You can’t do that type of diplomacy by letter or by phone, in my view, not when the major players were all there in person. I witnessed the meeting with the Venezuelan prime minister, who was leading the South American producers to sell more and get cash even if the prices were lower. PMB’s logic was different. Hold your volumes, steady the price, and don’t let us hurt one another."