America Shuns Nigeria’s Crude Oil

The search for alternative energy by the Barack Obama administration in the United States of America (USA) has begun to take a toll on Nigeria’s crude oil export as the US for the first time failed to import a single barrel of crude oil from Nigeria.

This troubling scenario experienced in the month of July, according to industry watchers, may spell doom for the Nigerian economy. Obama’s vigorous search for alternative energy to drive the world’s largest economy poses grave dangers for Nigeria whose economy is highly dependent on revenue from oil.

Nigeria used to be the fifth largest exporter of crude oil to the US. While US crude imports rose by 569,000 barrels per day in July, imports of Nigerian crude fell to zero for the first time.

   

NNPC Has No Right To Retain $10.8billion Oil Revenue - Sanusi

The Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi Friday insisted that the Nigerian National Petroleum Corporation (NNPC) had no right retaining $10.8 billion oil revenue, saying it contributed to the drop in savings “that left the nation exposed to possible price shocks.”

In a related development, former Vice President of the World Bank, Oby Ezekwesili, yesterday said she was among Nigerians dissatisfied with the explanations offered by the NNPC for the $10.8 billion and took to her tweeter handle on Wednesday to challenge the Minister of Finance, Ngozi Okonjo-Iweala to sign off  on NNPC's explanation.