US Dumps Nigeria Crude Oil

United States of America (USA) has finally stopped importation of crude oil from Nigeria, this is sequel to the discovery of Shale oil and gas in commercial quantity.

Mrs. Diezani Alison-Madueke,  minister of Petroleum Resources, , who disclosed this in Abuja Wednesday, was quick to add that Nigeria has begun search for alternative markets.

Speaking through Dr. Timothy Okon, Group Executive Director ( GED) Corporate Strategy and Planning, at an interactive enlightenment workshop on Petroleum Industry Bill (PIB), the Minister urged the country to adopt sustainable economic policies following the changes of global economy.

She submitted that the prevailing global economic arena demands adaptation of policies to new global realities.

Her words: "The global economy is changing and Nigeria must  adopt sustainable economic strategy. I know many of you must have heard the Shale gas and the Shale oil revolution. This has literally knocked-out Nigeria from the export to the USA. So Nigeria must adopt. We must change our ways and policies that we may hold dear which may cause us economic stress in the future. So this market there called the Shale oil and gas has resulted in Nigeria seeking new markets for its oil."

The minister called for competitiveness in the sector, noting that there is need for new policies for strengthening the industry.

She stressed the importance of natural resources in economic transformation, urging that it is important diversifying the economy to other important sectors.