OPEC participates in Nigeria’s Valuechain Annual Lecture and Awards 2021

Vienna, Austria, 12 July 2021--OPEC Secretary General, HE Mohammad Sanusi Barkindo, participated in the fourth iteration of the Valuechain Annual Lecture and Awards via videoconference.

The event, held on 12 July, coincided with the golden anniversary of Nigeria joining OPEC on the same date in 1971.

The Secretary General, in a recorded goodwill message, recognized the leadership and wise guidance that Nigeria continues to provide to the Organization, noting that the nation has played a crucial role in OPEC’s affairs for 50 years.

Barkindo stated, in reference to the milestone: “It is a momentous day, a transformative date: a golden anniversary for Nigeria and OPEC, and an opportunity to reflect on the shared history and values,” highlighting that this moment was seminal for both Nigeria and OPEC.

“Over the last five decades, the unique relationship between OPEC and Nigeria has had a multitude of positive accomplishments,” he added.

The Secretary General also commended HE Muhammadu Buhari, President of Nigeria, for his tireless contributions and unwavering commitment to the Organization, its aim and objectives. Barkindo also noted the leading and positive role demonstrated by the President throughout the consultation and implementation process of the Declaration of Cooperation (DoC).

“President Buhari is an OPEC veteran, who has been heavily involved in the Organization’s affairs for decade,” Barkindo said, adding, “This leadership was clearly on display through the President’s involvement in the DoC, which brought together OPEC and 10 non-OPEC oil producing countries at the end of 2016 in a concerted effort to accelerate the rebalancing and stabilization of the global oil market.”

In this context, the Secretary General underscored the importance of cooperation and multilateralism in the energy industry to help generate positive developments and create value.

On the Petroleum Industry Bill (PIB), Barkindo noted that the recent passing of the bill by the Nigerian Parliament is important and timely, stressing that the PIB aims to help boost competitiveness, strengthen regulatory frameworks and encourage investment for the benefit of Nigeria’s petroleum sector and its national economy.

To mark Nigeria’s 50 years of OPEC Membership, the OPEC Secretariat has produced a special issue of the OPEC Bulletin, which takes a retrospective look at Nigeria’s journey as an OPEC Member from 1971 until today. The Secretariat has also produced a documentary film to mark the occasion.