The U.S. Ambassador to Nigeria, James Entwistle, has said that
there is no hidden agenda behind his country’s decision to stop crude oil
purchase from Nigeria.
Mr.
Entwistle said this while fielding questions from journalists at the 240th
Anniversary of the U.S. Independence in Abuja.
The envoy
said the price of oil was determined by the international market and that the
desire of every business person was to get the best product at the best price.
“There is
no conspiracy for the U.S. not to buy oil from Nigeria.
“Price of
oil is determined by international market and business people go to get the
best product for the best price. That something happened to us with oil.
“But I
wish you listened to my last statement where I talked about the importance of
the private sector, the commitment of the U.S. companies to help build this
country (Nigeria),” he said.
The News
Agency of Nigeria (NAN) reports that the U.S. had in 2014 stopped the
importation of crude oil from Nigeria, a development that was tied to the
discovery of Shale oil and gas in commercial quantity in the country.
The
Minister of State for Petroleum, Ibe Kachikwu, recently said the U.S. would
soon resume the importation of crude oil from Nigeria.
He said the rekindled relationship
was a direct fallout of President Muhammadu Buhari’s visit to the US in July
this year.
The
minister, however, did not reveal the details of the development but said the
U.S. had indicated its interest in buying “very limited” quantities of
Nigeria’s crude.
Mr.
Entwistle urged the Muhammadu Buhari-led government to create an environment
that would attract more foreign investment into the country as a way of
revamping the nation’s economy.
“I am not
much of an economist but I think the government is starting in the right
direction.
“Things
like fuel subsidy, exchange rate will continue to create an environment that is
welcoming to foreign investment.
.
“Some of the biggest U.S. 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 investment,” he said.
.
“Some of the biggest U.S. 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 investment,” he said.
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