Why U.S stopped importation of Nigeria’s crude oil – Envoy

 

The United States Ambassador to Nigeria, Mr. James Entwistle, has said there is no hidden agenda behind his country’s decision to stop crude oil purchase from Nigeria.

Entwistle, said this while fielding questions from journalists at the 240th Anniversary of the U.S Independence in Abuja.

The envoy said the price of oil was determined by international market, adding that the desire of every business person was to get the best product at the best price.

“There is no conspiracy for the U.S not to buy oil from Nigeria.

“Price of oil is determined by international market and business people go to get the best product for the best price. That something happened to us with oil.

“But I wish you listened to my last statement where I talked about the importance of the private sector and the commitment of the U.S companies to help build Nigeria,” he said.

The News Agency of Nigeria (NAN) reports that U.S had in 2014 stopped the importation of crude oil from Nigeria, a development that was tied to the discovery of Shale oil and gas in commercial quantity in America.

The Minister of State for Petroleum, Dr. Ibe Kachikwu, recently said the U.S would soon resume the importation of crude oil from Nigeria.

He stated that the rekindled relationship was the outcome of President Muhammadu Buhari’s visit to the U.S early this year.

The minister, however, did not reveal the details of the discussion between Buhari and the U.S government, but said America had indicated its interest in buying “very limited” quantities of Nigeria’s crude.

Entwistle urged the Federal Government to create an environment that would attract more foreign investment into Nigeria as a way of revamping the nation’s economy.

“I am not much of an economist but I think the government is starting in the right direction.

“Things like fuel subsidy removal and exchange rate will continue to create an environment that is welcoming to foreign investment,” he stated.