Monday, July 4, 2016

Why we stopped buying Nigerian oil - US

Outgoing Ambassador of the United States of America (USA) to Nigeria, Mr. James Entwistle, has said that his country stopped buying oil from Ni­geria because it was getting the product at cheaper pric­es from other sources.
He ruled out any hidden agenda in the US decision not to import crude from Nige­ria.
Entwistle told journalists on Saturday night at the event to mark the 240th Anniversa­ry of the US’ Declaration of Independence that there was “no conspiracy” against Ni­geria in his country’s action.
The envoy explained that the price of oil is determined by the international market, stressing that the desire of every businessman is to get the best product at the best price.




Entwistle said: “I take great offence to your ques­tion. There is no conspiracy for the US not to buy oil from Nigeria. The price of oil is de­termined by the international market and any business per­son wants to get the best prod­uct for the best price. That sometimes happen to us with our oil! But I wish you listen to my last statement where I talked about the importance of the private sector and the commitment of the US com­panies to help build this coun­try (Nigeria).”


On how President Mu­hammadu Buhari’s adminis­tration can revamp Nigeria’s economy, Entwistle charged it to create an environment that would attract more foreign investments into the country.
He said: “I am not much of an economist but I think the government is starting in the right direction; things like fuel subsidy removal, ex­change rate management, things like that, I think will encourage the government to continue to create an environ­ment that is attractive to for­eign investment. Some of the biggest US companies in the world are here; they’ve been here for decades, they are happy. So it’s better to main­tain an environment that will attract more foreign invest­ments.”
The envoy maintained that the US has sustained a robust engagement in Nigeria for many years, adding that the future of Nigeria belongs to the people of the country.
Entwistle further said that the US is committed to block­ing looted funds from Nigeria in his country.
He said that the Barack Obama administration will stand with Nigeria in its fight against corruption.
The ambassador ex­plained that the US has assist­ed Nigeria’s anti-graft agencies through the training of inves­tigators and prosecutors.

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