Nigeria records N88 billion loss from Crude Exports
 |
| President Muhammad Buari |
The Nigerian National Petroleum Corporation revealed that India and the United States have slashed their imports of Nigerian crude oil by 43 per cent and 53 per cent, respectively. This means a loss of at least N88 billion naira in earnings.
India, which became the single largest buyer of Nigerian crude in 2013 after the US, reduced its imports from Nigeria in May this year as it bought 7.74 million barrels, down from 13.51 million barrels in April.
Using a conservative price of $40 per barrel and N197/$ official exchange rate in May, the decrease of 11.14 million barrels in the two countries’ imports of Nigerian crude amounts to N87.9bn.