US dumps Nigeria’s crude oil

 

United States has finally stopped the importation of crude oil from Nigeria.
The U.S. move has forced Nigeria to start looking for alternative markets for its crude, reports The Nation.
Diezani Alison-Madueke, Minister of Petroleum Resources,said Nigeria is repositioning its exports in the light of this emergent threat and has so far begun a search to find alternative markets for its crude.
Acknowledging the fact the U.S move will surely have its impact, she said the country must adopt to sustainable economic policies in line with the changes in global economy.
The minister hinted that the gains from transformation agenda of the current administration have already been demonstrated from the privatization of the power sector.
Chairman of the Nigerian House Committee on Petroleum (Downstream), Mr. Dakuku Peterside, said the operators in the sector are expected to stop gas flaring three years after the passage of the bill.
He noted that the bill must stop pollution and emission from gas flaring when it takes effect.
He further stressed that the bill, which he said has passed the second reading in both chambers of the National Assembly, is delayed partly because the lawmakers insist on doing a thorough job since the sector is critical to the survival of the country.
A Vice President of Nigeria Labour Congress (NLC), Mr Issa Aremu, advised the National Assembly not to wait for organised labour to picket it before passing the PIB into law.
Describing the PIB as one of the progressive laws that this democracy can give the citizenry, Aremu noted that if the bill becomes law, it could culminate in the creation of 19 fresh companies from the unbundling of the Nigeria National Petroleum Corporation (NNPC).
He noted that since the bill provides for local content, the different sectors will engage Nigerians from different professional background.