CAN BUHARI SOLVE THE ECONOMIC PUZZLE OF NIGERIAN CRUDE OIL TRADING?

http://www.cnbcafrica.com/video/?bctid=4323775697001#

http://www.cnbcafrica.com/video/?bctid=4160785124001

So, apparently, nobody wants to buy Nigeria’s crude oil cos of a global crude glut (USA, Nigeria’s largest buyer stopped buying last year). Nigeria started selling to India & China, but Saudi “stole” that market from us by offering lower prices and free shipping to India and China. Nigeria is now frantically searching for buyers for her crude oil. And because we don’t have buyers for our crude oil, we don’t earn as much foreign exchange. Because we are not earning as much as we were in FX, we cannot pay for petroleum products and subsidies. Because we cannot pay for petrol, there is fuel scarcity. Why don’t we just refine our crude into petrol and sell petrol to ourselves in naira? I hope President Buhari can solve the issues limiting increased internal refining capacity. Chai!

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