ABUJA — Nigeria’s woes in the area of dwindling revenue from crude
oil sales is expected to heighten in the next couple of days, as the South
African Petroleum Industry Association, SAPIA, yesterday, stated
that South Africa would likely stop importing crude oil from Nigeria
following the lifting of the sanctions on Iran.
Executive Director of the SAPIA, Avhapfani Tshifularo, told
journalists that the potential return of Iranian oil exports to South
Africa threaten to displace barrels from Saudi Arabia and Nigeria that
plugged the supply gap when sanctions were imposed on Iran, which is
OPEC’s fifth biggest producer.
He said: “The re-emergence of Iranian crude oil provides options for
those willing to buy from Iran. Iranian imports are likely to displace
the Nigerian and Saudi Arabian crudes, since they seem to have filled
the gap since South Africa stopped importing Iranian crude oil.”
Furthermore, data compiled by SAPIA from refiners showed that
South Africa stopped importing crude oil from Iran in 2013, following
which its oil imports from Nigeria rose significantly, with Saudi Arabia
emerging the highest exporter of crude to the country.
Recent data released by the National Bureau of Statistics, NBS, had
showed that a sharp decline was recorded in revenue accruable to the
Federal Government from the petroleum sector, as the country’s
earnings from crude oil export dropped to N5.271 trillion for the nine
month period, January to September 2015.
The NBS, in its Foreign Trade Statistics for the Third Quarter of
2015, had noted that the value of Nigeria’s crude oil export for the nine
month period 2015, represented a decline of 45.39 per cent or N4.381
trillion when compared to crude oil export of N9.652 trillion recorded
in the same period in 2014.
It also represented a decline of 55.67 per cent or N6.62 trillion when
compared to total crude oil earnings of N11.891 trillion recorded in 2014.
Giving a breakdown of Nigeria’s crude oil earnings in nine-month 2015,
the NBS data revealed that the country earned N1.675 trillion from
crude oil export in the first quarter of 2015, N1.984 trillion and N1.611
trillion in the second and third quarters respectively.
This was in contrast to crude oil export earnings of N3.234 trillion,
N3.269 trillion and N3.149 trillion for the first, second and third
quarters respectively, while in the fourth quarter of 2014, the country
earned N2.239 trillion from the export of the commodity in the fourth
quarter of 2015.
Further breakdown of the 2015 figures showed that the country earned
N505.898 billion, N591.964 billion, N577.361 billion, N698.387 billion
and N668.526 billion in January, February, March, April and May
respectively.
In the months of June, July, August and September, Nigeria’s crude
oil export stood at N617.364 billion, N572.813 billion, N512.823 billion
and N525.857 billion respectively.

Source http://www.vanguardngr.com/2016/01/iran-south-africa-to-stop-fuel-imports-from-nigeria/

wow

Smh

U don mean it.
.
.

good. Oil came and everybody turned their focus to SS oil. Blacks have failed God.

Their money, their country, their choice

A

They want to claim back the spot on Africa's biggest economy.
Nigeria dey busy dey play rubbish politics, shey MTN don tell ncc to do their worse and d truth is dat nothing go happen. they wont pay that fine.

Our government and Nigerians should note those Countries after our downfall or not supporting us when we bounce back by His grace.


Nigeria shall rise again.....this time shall pass.

ayobase:
Our government and Nigerians should note those Countries after our downfall or not supporting us when we bounce back by His grace.


Nigeria shall rise again.....this time shall pass.

APC supporter. We are waiting for when you guys will complete the destruction of Nigeria.

South Africa will rather import Iran's Oil than Nigeria's oil?

Just wow.

Whatever happened to Africa Brotherhood?

And to think that Nigeria was at the forefront in liberating Southafrica from apartheid.

Dahveydson:
South Africa will rather import Iran's Oil than Nigeria's oil?

Just wow.

Whatever happened to Africa Brotherhood?

And to think that Nigeria was at the forefront in liberating Southafrica from apartheid.

The vengeance of the agricultural sector neglect have started taken its toll. Nigeria is paying the price for its unhinged corruption that successfully undermined the nation's economic and infrastructural development. South Africa is free to make its choice as a sovereign state. We have made ours by being corrupt and indirectly insulted God for blessing us with the black gold. So, we have nothing to complain about, not after exploiting and destroying the Niger Delta environment, with nothing to show for it after decades of oil exploration. With oil now selling below $28 per barrel, revertalizing the agricultural sector is the only way out. Otherwise, we can expect more chaotic days ahead, except something snapped in the middle east. Till then, the days of excess crude account are over.

naijaboy756:
APC supporter. We are waiting for when you guys will complete the destruction of Nigeria.

Let me know when you grow up.