Speaking to CNBC on the sidelines of the International Monetary Fund and World Bank spring meeting in Washington, the minister pointed out that, oil revenues account for around 10 percent of Nigeria's overall GDP (gross domestic product). Therefore, Adeosun argued, the implementation of domestic policies would hold the key to a long term economic recovery.
"I'm not sure that I agree that OPEC is the reason that we will get out of recession. We will get out of recession because we are following the right type of policies. Our objective is not just to get out of recession, our objective is to grow and grow sustainably," Adeosun said when asked about Nigeria's policy implementation.
Nigeria's long-term reliance on oil has caused economic pain in recent years as internal problems meant the country was unable to match its historic production levels. This proved to be a key factor in the west African country securing exemption from OPEC's landmark 2016 deal to curb a global supply overhang.
OPEC agreed to slash output by around 1.2 million barrels per day (b/d) from January 1 for six months in order to remove a supply glut. Eleven other non-OPEC countries, including Russia, subsequently agreed to limit supply by half as much.