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‘Decline in US import of crude oil good for Nigeria’

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By Bartholomew Madukwe

Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has said the decline in US import of Nigerian crude has offered the country a good opportunity to diversify its economy.

He stated this during a round-table discussion with the U.S. business executives in Washington D.C. area.

Enelamah, who participated in a Facebook live conversation with the U.S. Africa Business Center, noted that although the U.S. had historically been one of Nigeria’s top trading partners, its demand for Nigerian crude had declined due to shale oil production.

Oil Pipe

He said: “In the last five years, however, the sharp decline in U.S. imports of our crude, on account of rising domestic production of shale, has altered the trade balance between our two countries.

‘’This development presents Nigeria with a good opportunity for diversification, to explore and increase non-oil export, especially in agricultural products, services and the digital economy.’’

He also attended other events that focused on the ease of doing business and investment at the Center for Strategic and International Studies (CSIS) and the Hudson Institute.

The Minister was accompanied by his Trade Adviser and Chief Negotiator Ambassador- Chiedu Osakwe, Special Adviser- Bunmi Adeoye and Strategic Communications Adviser- Constance Ikokwu.

Others participants at the event are Google, Microsoft, Blackstone, Procter and Gamble, UPS, Johnson and Johnson, Boston Scientific, Phillip Morris International, Lekoil Oil and ITIC.

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