Opecs barkindo lauds nigeria for exiting joint cash call debt

It seems like you're referring to a recent news article or statement made by the Secretary-General of OPEC, Mohammad Sanusi Barkindo.

According to reports, Barkindo has commended Nigeria for taking a significant step towards debt relief by exiting the Joint Venture Cash Call (JVCC) debt. The JVCC debt was a financial burden on the Nigerian National Petroleum Corporation (NNPC) and the country's oil industry as a whole.

For those who may not be familiar, the Joint Venture Cash Call (JVCC) was a financing arrangement between the Nigerian government and international oil companies (IOCs) operating in the country. The IOCs were required to contribute a certain percentage of their profits to the JVCC, which was used to fund the operations of the NNPC and the oil industry.

However, the JVCC debt had become a significant burden on the NNPC and the Nigerian government, with the debt reportedly standing at over $5 billion. The exit from the JVCC debt is seen as a major step towards debt relief and a significant achievement for the Nigerian government.

Barkindo's commendation of Nigeria's move is likely due to the positive impact it will have on the country's oil industry and the broader economy. The exit from the JVCC debt will free up resources for the NNPC and the government to invest in other areas, such as infrastructure development and social welfare programs.

It's worth noting that the exit from the JVCC debt is also seen as a significant step towards the implementation of the Nigerian government's plan to reform the oil industry and increase transparency and accountability in the sector.