by Idris Akinbajo
Nigeria and the other 14 members of the United Nations Security Council have unanimously approved the nuclear deal signed between the the world’s major powers and Iran.
The deal was reached between the five permanent members of the council (plus Germany, P5+1) and Iran. The deal mandates Iran to stop any plans to produce a nuclear weapon and mandates the Islamic country to reduce its centrifuges by two thirds. It also, among several others, creates extensive mechanism to monitor Iran’s compliance with the agreement. In return, UN sanctions imposed on Iran will be gradually lifted.
However, should Iran, which had repeatedly denied planning to make a nuclear bomb, violate any part of the agreement, the UN Security Council can reinstate all the sanctions.
Among the implications of the approved deal would be Iran’s ability to sell it’s crude oil in the open international market with about 1.5 million barrels per day expected from the country in the next six months.
The introduction of Iranian oil into the international market is expected to further reduce the international price of crude oil which would further affect the income of oil-dependent countries like Nigeria.
Nigeria’s economy has been facing challenges since the price of crude oil fell from about $100 to about $50 a barrel with several states not being able to pay workers salaries.