"We will work to bring an element of stability to the price of oil"
About this Quote
A promise like "bring an element of stability to the price of oil" is political realism dressed up as reassurance. Obasanjo doesn’t claim he can control oil prices outright; he offers an "element" of stability, a deliberately modest unit of achievement that still signals leadership. That phrasing matters. It acknowledges the brutal truth of oil: prices are set by global demand, OPEC quotas, wars, speculators, and storms - a market where even superpowers get humbled - while still insisting Nigeria can nudge the system rather than be crushed by it.
The intent is twofold. Internationally, it reads as a credentialing statement: Nigeria, under Obasanjo, is a responsible producer and wants to be taken seriously by buyers, lenders, and fellow exporters. Domestically, it’s a preemptive defense against the whiplash citizens feel when oil booms inflate expectations and busts trigger austerity, subsidy fights, and currency pain. "Stability" is code for predictability: steady revenues for the state, fewer shocks to budgets, and fewer crises that spill into everyday life.
The subtext is also about legitimacy. In petrostates, volatility doesn’t just destabilize markets; it destabilizes politics. By framing the goal as stability rather than higher prices, Obasanjo positions himself as steward rather than opportunist - a leader claiming he can convert a chaotic commodity into something like governance.
The intent is twofold. Internationally, it reads as a credentialing statement: Nigeria, under Obasanjo, is a responsible producer and wants to be taken seriously by buyers, lenders, and fellow exporters. Domestically, it’s a preemptive defense against the whiplash citizens feel when oil booms inflate expectations and busts trigger austerity, subsidy fights, and currency pain. "Stability" is code for predictability: steady revenues for the state, fewer shocks to budgets, and fewer crises that spill into everyday life.
The subtext is also about legitimacy. In petrostates, volatility doesn’t just destabilize markets; it destabilizes politics. By framing the goal as stability rather than higher prices, Obasanjo positions himself as steward rather than opportunist - a leader claiming he can convert a chaotic commodity into something like governance.
Quote Details
| Topic | Money |
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