Minister Diezani Alison-Madueke, who is also OPEC President called on mutual efforts between oil producing economies and non-OPEC members to collaborate on determining volumes of oil that goes into the market.
(WATCH VIDEO: Nigerian oil & gas stocks take another dip)
Alison-Madueke bemoaned the fall in oil prices saying this had clearly impacted a number of countries and negatively on countries who are sorely dependent on crude and oil for their revenue generation.
“Within OPEC quite a few countries have been severely impacted,” she told CNBC Africa in an exclusive interview.
“The decision was obviously taken as to hold a market share and to drive inefficient producers out of the market,” added Alison-Madueke.
She added that OPEC felt that if it continued to lose market share to the non-OPEC countries it would be driven ultimately into oblivion.
“The time is here where both OPEC and non-OPEC countries should both determine the volumes in terms of supply that go into the market because in the end it will affects all of us," said Alison-Madueke.
She said she was pleased that PwC had finished their audit which was carrying negative perceptions about corruption in Nigeria's oil sector.
The resources minister added that on the other hand she was very disappointed that the country had reached a stage where it expected fiscal responsibility in terms of utterances but to the contrary, statements were being put out so irresponsibly.
“There was never any missing money as it was agreed from the start,” she said.
(READ MORE: Impact of falling oil prices on Nigerian oil companies)
“I have said years of non-transparency and opaqueness in the running of oil and gas sector has created some lapses in procedures and process which various reforms must come into effect and correct, there is no other way.”
Alison-Madueke says some of those reforms will have to be drastic if the country has to reach some reasonable level of transparency and accountability which is the reason why her sector put in place the Petroleum Industry Bill for the first time in 12 years.
“In that bill major reforms are there, but that bill is languishing in the national assembly for various reasons.”