The recent announcement by Bloomberg that Dangote group are patronizing U.S Oil firms for Crude oil while shunning the Nigerian local market for oil is a worrisome business move with it implications on the economy of Nigeria.
This maybe as a results of the EFCC visit to the Head office of the group in Lagos and investigating the alleged under table Foreign Exchange deal between the embattled former Central Bank of Nigeria Governor Godwin Emefiele and Business man Aliko Dangote worth $ billion of dollars.
Nigeria, one of the largest producer of crude oil, a major exporter of crude oil with it major revenue generated from the sale of crude oil.
Bloomberg reported that Trafigura Group has sold 2 million barrels of WTI Midland to the Dangote refinery for delivery by the end of February. This marks the first time the refinery buying non-Nigerian crude.
Many Nigerians are hoping that the operation of the Dangote refinery will help reduce the current price of PMS from #650 to a reasonable amount, but the recent move and intention of the group is signaling otherwise.
Source: Bloomberg
https://www.bloomberg.com/news/articles/2024-01-29/nigeria-s-mega-refinery-turns-to-us-oil-as-ramp-u
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