Nigeria and Angola are seeking a new consensus among oil producing nations on the current level of oil price, as a way of boosting price.
Both countries on Saturday reached an agreement to cooperate and also reach out to other oil producing countries in an effort to shore up the dwindling price of oil in the global market.
This understanding was struck when Nigerian President, Muhammadu Buhari and his Angolan counterpart, Jose Eduardo dos Santos, met on the sidelines of the Summit of the Forum on China-Africa Cooperation (FOCAC) in Johannesburg, South Africa.
Finding A Way Forward
The two leaders while acknowledging that their countries depend heavily on oil for sustaining their national economies, agreed to get their oil ministers to meet urgently with a view to finding a way forward.
They said there was no logic in producing more oil for less money.
President Eduardo dos Santos had earlier thanked President Buhari for sending a delegation to his country’s 40th Independence anniversary this year.
Deepening Bilateral Relations
He also sympathised with Nigeria on its security challenges, noting however, that he believed that President Buhari’s military background would play a role in the restoration of peace in Nigeria.
He described Nigeria as a very important country in Africa that is traditionally looked upon to help solve problems on the continent, adding that his country and Nigeria, which share similar security and oil challenges in the Gulf of Guinea, must forge closer relationship to overcome the mutual problems.
President Eduardo dos Santos said he looked forward to meeting President Buhari again and invited him to visit Angola next year with a view to finding solutions to common problems and deepening bilateral relations.
