President Muhammadu Buhari has lamented that Nigeria was thrown into recession due to the misfortunes of the oil industry.

The President made this claim while inaugurating the governing boards of three parastatals of the Ministry of Petroleum Resources: the Nigerian National Petroleum Corporation; Nigerian Content Development Monitoring Board and the Nigeria Nuclear Regulatory Authority, at the Presidential Villa, Abuja.

All the boards have the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, as their chairman.


Buhari noted that the boards were inaugurated at a time when the global petroleum industry is witnessing a downturn in purchase.

This, he regretted, has also translated into dwindling production by most producer nations.

“Nigeria has been hit by the misfortunes of oil industry but several countries have been hit much harder,” he said.

Meanwhile, Dr Hassan Lawal, a former minister of Labour and Productivity, has assured that the ongoing economic policies and decisions under President Muhammadu Buhari will bring Nigeria out of recession.