The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke yesterday disclosed that the United States (US) has finally stopped the importation of crude oil from Nigeria.
The US has recently begun stepping up its utilisation of shale oil and this might be the main reason for the shift away from Nigerian oil.
Following the development, Alison-Madueke says Nigeria has begun the search for new markets.
Represented by the Group Executive Director (GED), Corporate Strategy and Planning, the Nigerian National Petroleum Corporation (NNPC), Dr. Timothy Okon, at an Interactive Enlightenment Workshop on Petroleum Industry Bill (PIB) in Abuja, the minister urged the country to adopt sustainable economic policies in line with the changes in global economy. She said that the situation at hand calls for a change of current policies which may cause future economic stress no matter how dearly Nigerians hold them. She said:“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 US. So Nigeria must adopt (new policies to confront the change). We must change our ways and policies that we may hold dear which may cause us economic stress in the future. “So, this market called the Shale oil and gas has resulted in Nigeria seeking new markets for its oil.” Mrs Alison-Madueke called for competitiveness in the sector, noting that there is need for new policies to strengthen the industry.
She stressed the importance of natural resources in economic transformation, stressing that it was high time the government diversified her economy.
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