2 October 2014 , By Chika Izuora with Agency
Report, Source: Leadership
The search for alternative energy by the Barack
Obama administration in the United States of
America (USA) has begun to take a toll on
Nigeria's crude oil export as the US for the first
time failed to import a single barrel of crude oil
from Nigeria.
This troubling scenario experienced in the month
of July, according to industry watchers, may spell
doom for the Nigerian economy.
Obama's vigorous search for alternative energy
to drive the world's largest economy poses
grave dangers for Nigeria whose economy is
highly dependent on revenue from oil.
Nigeria used to be the fifth largest exporter of
crude oil to the US.
However, experts said despite declining revenue,
depleting foreign reserves and pressure on the
exchange rate, Nigerian economy remained
"robust enough to withstand the shock waves
hitting the economy."
While US crude imports rose by 569,000 barrels
per day in July, imports of Nigerian crude fell to
zero for the first time.
Data obtained from the US Energy Information
Administration during the week showed that US
imports rose to 7.623 million bpd up from 7.054
mbpd in June.
Despite being at their highest since December
2013, imports are down from 8.058 mbpd in the
same month a year ago.
Imports from Nigeria fell to zero in July, down
from 89,000 bpd in June, all of which had gone
to the US Atlantic Coast.
Nigeria had remained remarkably upbeat despite
lower-than-expected revenues, low foreign
investment and a weak infrastructure base.
While President Goodluck Jonathan has rolled out
a slew of robust, but seemingly disjointed plans
in several sectors of the economy, his
government has failed to articulate a stimulus
package to deal with the current public revenue
crisis and record unemployment, or to weld the
plans into a coherent whole.
Reports indicated that before now, the US has
reduced crude imports from Nigeria by 91 per
cent, putting the country's crude exports in
disarray.
The US, which was hitherto the biggest importer
of crude from Nigeria with over one million
barrels per day, early this year imported an
average of 100, 000 bpd till June 2014.
Data obtained from the Nigerian National
Petroleum Corporation (NNPC) revealed that by
the end of last year, the US dropped to the 10th
highest importer of Nigeria's crude, with 1.438
million barrels.
Specifically, Nigeria exported 1.438 million barrels
of crude oil to North America by December 2013,
down by 15.111 million barrels in December 2012.
Obviously, Nigeria has started witnessing the
negative effect of shale oil exploration in the US
and other parts of the world. Prior to July, the
country's crude oil export to North America had
dropped by 91.31 per cent in one year.
North America accounted for 22.19 per cent of
Nigeria's total crude export by December 2012,
but it dropped to 2.23 per cent by December
2013.
According to an NNPC report, "Prior to the decline,
the US was the highest buyer of Nigeria's crude,
purchasing 14.279 million barrels in December
2012, thereby accounting for 19.15 per cent of
Nigeria's total crude export and 86.28 per cent of
total crude export to North America. By 2013 end,
the US dropped to the 10th highest importer of
Nigeria's crude.
The NNPC report stated that by December 2013,
Europe was the highest importer of Nigeria's
crude, accounting for 47 per cent of Nigeria's
total export, followed by Asia and Far East,
accounting for 26 per cent, while Africa
accounted for 12 per cent.
The report stated that South America accounted
for 10 per cent of Nigeria's total crude export,
while Oceania/Pacific and North America
accounted for three per cent and two per cent
respectively.
Also, India emerged the highest importer of
Nigeria's crude in December 2013, with 13.086
million barrels, followed by the Netherlands with
9.866 million barrels, and France 4.497 million
barrels.
Nigeria exported 4.869 million barrels of crude to
Brazil in the period under review, 4.6 million
barrels to Spain and 3.895 million barrels to
South Africa.
Nigeria, Africa's biggest crude exporter, depends
largely on crude proceeds to service over 85 per
cent of its budget.
The present scenario, no doubt, compels
President Jonathan and his economic team to roll
up their sleeves and come up with a way out for
the country's economy.
http://m.allafrica.com/stories/201410020265.html/?viewall=1

good, asari dokubo can now drink his oil without any issue with anyone.

China dey! No shaking!

U.S beefing Nigeria cos arms deal gone bad

There is always the Chinese, incase the West needn't our oil no more.

iterator24: good, asari dokubo can now drink his oil without any issue with anyone.

...and you an ungrateful parasite and your lazy governor would stop going cap in hand begging for oil money.

We have our human resource,when the human resources is mobilised,people spend more threby paying more VAT taxes,people earn more thereby paying more income taxes and people can save more-mobilising funds with banks and finance institutions which also creates more funds for investments.

Government can also make money through company's profit tax,royalties on raw materials and govt rights and even for use of its lands and waterways.

We need to start building processng plants to process cocoa,we need to invest on our oil palm,we need to build machineries to extract our limestone,iron ore,copper and utilise our farmlands to grow crops for exports.

We are vibrant,we don't need to depend on oil for 85%,that shows laziness on the creativity of our ministers and politicial leaders or maybe they are spending time in the wrong things.

If we boost our manufacturing industry we will import less and have more money here in Nigeria to develop it.

dat won't kill our economy.so no big deal.

philantoxx: dat won't kill our economy.so no big deal.

if Nigeria like make e no diversify d economy na slow death be that

1shortblackboy: if Nigeria like make e no diversify d economy na slow death be that

I know we gonna diversify for sure.

philantoxx:
I know we gonna diversify for sure.

What gives yhu the assurance?

JayKayMaybachz: What gives yhu the assurance?

the oil is actually what's distracting our greedy politicians.

All because Nigeria didn't support gay law!

philantoxx:
the oil is actually what's distracting our greedy politicians.

Let's see what happens....

bnovative: All because Nigeria didn't support gay law!

Not that......Read the beginning

Obama who?

NNPC report stated that by December 2013, Europe was the highest importer of Nigeria's crude, accounting for 47 per cent of Nigeria's total export, followed by Asia and Far East, accounting for 26 per cent, while Africa accounted for 12 per cent. The report stated that South America accounted for 10 per cent of Nigeria's total crude export, while Oceania/Pacific and North America accounted for three per cent and two per cent respectively.

Also, India emerged the highest importer of Nigeria's crude in December 2013, with 13.086 million barrels, followed by the Netherlands with 9.866 million barrels, and France 4.497 million barrels. Nigeria exported 4.869 million barrels of crude to Brazil in the period under review, 4.6 million barrels to Spain and 3.895 million barrels to South Africa.

No cause for an alarm. This is another reason to diversify! India might be our largest buyer but they can stop anytime soon. We should aggressively start turning to agriculture and the numerous mineral resources scattered all over Nigeria. We should stop importing Bitumen from Iran and revived our Bitumen production in Kaduna and ondo. We can export that too if we can satisfy our demand, They are many other resources like that we need to stop importing and even some Agricultural products. The US have since stop buying Nigeria oil, We were informed in June. The ones we were still exporting to them may be already paid for since June.

This is the time for our richest individuals at home and abroad to aggressively invest in numerous sector of our economy and help diversify it. Dagote is already helping by building the largest Rice mill in Africa located in nasarawa, He and others are also developing a fully functional world class refinery in Lagos. More of our richest individuals need to step in.

eightsin: U.S beefing Nigeria cos arms deal gone bad

bnovative: All because Nigeria didn't support gay law!

Guys, get real. So the USA will cuts its own nose to spite its face? The same USA that invades nations, at the cost of American lives, will be that pettily focused on a small scale arms deal not concerning the USA or threatening her interest directly? Americans cares more about gays than filling their 5 litre SUVs and houses on wheels called trucks? If the USA is not buying our oil it will be because, first and foremost, it is economically beneficial for the highly self-serving Country to do without our oil. Everything else is secondary for a Country that will deal with the devil covertly if such advances her interest or gets her what she needs.

If a sensible nation, Nigeria should deal with this new reality and worry about implementing economic measures that will nullify this development. We should stop deceiving ourselves that we are more important than we really are and then crafting all manners of conspiracies to validate our delusions of grandeur.

It is no suprise.

We had been pre-informed....The best of us all expected it. It's no suprise at all.

Good news

JayKayMaybachz: Let's see what happens....

fingers crossed.

US is envious of Nigeria's rising profile in international circle especially in Africa. What is happening is that they expected Nigeria to crumble under political crisis, insurgency and recently the Ebola crisis. All these have failed. Their biggest grouse is our refusal to accept gay and lesbian rights law, refusal to allow them to establish military bases in Nigeria and our relationship with Russia and China.

Though 'children' in the opposition party see GEJ as not performing but I see this man as laying a sound foundation for Nigeria. People are shouting that they are yet to see the benefits of the power sector reforms in just a few months. They forget that after GSM was introduced in 2001, it took about three years before most Nigerians could afford it. Infact it was the coming in of Glo that made it possible to have per second billing. Yet we want the positive impact of the power reforms in a few months because GEJ handled the privatization.

Talking of power sector reforms, this administration deserves to be commended because in 8 years OBJ only talked about it but could not do anything. Our president does not know how to blow his trumpets like the Fasholas, the Amaechis and Okorochas of this world otherwise, that achievement (power sector reforms) had remained a recurring decimal with successive administrations with no hope.

With the power sector fixed and electoral reforms fully entrenched, our GDP growing at average of 6% - 8% annually, Nigeria would be a model for Africa and the developing world.

My earnest prayer is that the 2015 elections would be trouble free, with the opposition accepting defeat and congratulating GEJ after Jega declares GEJ the winner in the early hours of February 16, 2014. Then the government would focus on creating employment for Nigerians in agriculture and other sectors. Nigeria would become a destination for the Americans. This is our time, our dream and our destiny.

God bless THE FEDERAL REPUBLIC OF NIGERIA!!
God bless our President!!!

Idrismusty97: No cause for an alarm. This is another reason to diversify! India might be our largest buyer but they can stop anytime soon. We should aggressively start turning to agriculture and the numerous mineral resources scattered all over Nigeria. We should stop importing Bitumen from Iran and revived our Bitumen production in Kaduna and ondo. We can export that too. The US have since stop buying Nigeria oil, We were informed in June. The ones we were still exporting to them may be already paid for since June.

Indeed and we are going to need a sincere, proactive and focused President who can take Nigeria into this new age bravely. What we have had, since 1999, are opportunistic business-as-usual 'protectors' of oil income supervising the historical looting of Nigeria by the same AGIP and elitist cabals. I personally welcome, for the sustainability of man, a world moving towards less dependence on oil. For Nigeria, this could be a good thing that will help us embrace the sayings "necessity is the mother of invention" and "when the going gets tough the tough get going".

JayKayMaybachz: 2 October 2014 , By Chika Izuora with Agency
Report, Source: Leadership
The search for alternative energy by the Barack
Obama administration in the United States of
America (USA) has begun to take a toll on
Nigeria's crude oil export as the US for the first
time failed to import a single barrel of crude oil
from Nigeria.
This troubling scenario experienced in the month
of July, according to industry watchers, may spell
doom for the Nigerian economy.
Obama's vigorous search for alternative energy
to drive the world's largest economy poses
grave dangers for Nigeria whose economy is
highly dependent on revenue from oil.
Nigeria used to be the fifth largest exporter of
crude oil to the US.
However, experts said despite declining revenue,
depleting foreign reserves and pressure on the
exchange rate, Nigerian economy remained
"robust enough to withstand the shock waves
hitting the economy."
While US crude imports rose by 569,000 barrels
per day in July, imports of Nigerian crude fell to
zero for the first time.
Data obtained from the US Energy Information
Administration during the week showed that US
imports rose to 7.623 million bpd up from 7.054
mbpd in June.
Despite being at their highest since December
2013, imports are down from 8.058 mbpd in the
same month a year ago.
Imports from Nigeria fell to zero in July, down
from 89,000 bpd in June, all of which had gone
to the US Atlantic Coast.
Nigeria had remained remarkably upbeat despite
lower-than-expected revenues, low foreign
investment and a weak infrastructure base.
While President Goodluck Jonathan has rolled out
a slew of robust, but seemingly disjointed plans
in several sectors of the economy, his
government has failed to articulate a stimulus
package to deal with the current public revenue
crisis and record unemployment, or to weld the
plans into a coherent whole.
Reports indicated that before now, the US has
reduced crude imports from Nigeria by 91 per
cent, putting the country's crude exports in
disarray.
The US, which was hitherto the biggest importer
of crude from Nigeria with over one million
barrels per day, early this year imported an
average of 100, 000 bpd till June 2014.
Data obtained from the Nigerian National
Petroleum Corporation (NNPC) revealed that by
the end of last year, the US dropped to the 10th
highest importer of Nigeria's crude, with 1.438
million barrels.
Specifically, Nigeria exported 1.438 million barrels
of crude oil to North America by December 2013,
down by 15.111 million barrels in December 2012.
Obviously, Nigeria has started witnessing the
negative effect of shale oil exploration in the US
and other parts of the world. Prior to July, the
country's crude oil export to North America had
dropped by 91.31 per cent in one year.
North America accounted for 22.19 per cent of
Nigeria's total crude export by December 2012,
but it dropped to 2.23 per cent by December
2013.
According to an NNPC report, "Prior to the decline,
the US was the highest buyer of Nigeria's crude,
purchasing 14.279 million barrels in December
2012, thereby accounting for 19.15 per cent of
Nigeria's total crude export and 86.28 per cent of
total crude export to North America. By 2013 end,
the US dropped to the 10th highest importer of
Nigeria's crude.
The NNPC report stated that by December 2013,
Europe was the highest importer of Nigeria's
crude, accounting for 47 per cent of Nigeria's
total export, followed by Asia and Far East,
accounting for 26 per cent, while Africa
accounted for 12 per cent.
The report stated that South America accounted
for 10 per cent of Nigeria's total crude export,
while Oceania/Pacific and North America
accounted for three per cent and two per cent
respectively.
Also, India emerged the highest importer of
Nigeria's crude in December 2013, with 13.086
million barrels, followed by the Netherlands with
9.866 million barrels, and France 4.497 million
barrels.
Nigeria exported 4.869 million barrels of crude to
Brazil in the period under review, 4.6 million
barrels to Spain and 3.895 million barrels to
South Africa.
Nigeria, Africa's biggest crude exporter, depends
largely on crude proceeds to service over 85 per
cent of its budget.
The present scenario, no doubt, compels
President Jonathan and his economic team to roll
up their sleeves and come up with a way out for
the country's economy.
http://m.allafrica.com/stories/201410020265.html/?viewall=1

I remember a few years ago I told a NL member this was in the offing and him and his crew went off on me...

ROFLMAO

Vessi: There is always the Chinese, incase the West needn't our oil no more.

The Chinese will eventually go the way of the West and seek alternative energy, and where does that leave you when that happens?

The US Navy has developed a radical new fuel made from
seawater.
They say it could change the way we produce fuel - and allow
warships to stay at sea for years at a time.
Navy scientists have spent several years developing the
process to take seawater and use it as fuel, and have now used
the 'game changing' fuel to power a radio controlled plane in
the first test.

http://www.dailymail.co.uk/sciencetech/article-2599036/The-plane-powered-WATER-US-Navy-reveals-radical-new-game-changing-process-power-jets-boats-seawater.html

Therefore,they dont need our oil any more,or maybe for the time being.

ISpiksDaTroof: The Chinese will eventually go the way of the West and seek alternative energy, and where does that leave you when that happens?

By then we would be a manufacturing country. I'm sure you read the topic on frontpage saying 22 vehicle manufacturing companies are about establishing manufacturing plans in Nigeria, by then Nigeria would be vehicle exporter. With GEJ in power, agriculture is improving, same as aviation and transport sector. By the time the Chinese get fed up with oil(which is still decades away), we would have had a robust and diversed economy with GEJ on track, that's why we should keep supporting GEJ to see it through.

Xetima: US is envious of Nigeria's rising profile in international circle especially in Africa. What is happening is that they expected Nigeria to crumble under political crisis, insurgency and recently the Ebola crisis. All these have failed. Their biggest grouse is our refusal to accept gay and lesbian rights law, refusal to allow them to establish military bases in Nigeria and our relationship with Russia and China.

Though 'children' in the opposition party see GEJ as not performing but I see this man as laying a sound foundation for Nigeria. People are shouting that they are yet to see the benefits of the power sector reforms in just a few months. They forget that after GSM was introduced in 2001, it took about three years before most Nigerians could afford it. Infact it was the coming in of Glo that made it possible to have per second billing. Yet we want the positive impact of the power reforms in a few months because GEJ handled the privatization.

Talking of power sector reforms, this administration deserves to be commended because in 8 years OBJ only talked about it but could not do anything. Our president does not know how to blow his trumpets like the Fasholas, the Amaechis and Okorochas of this world otherwise, that achievement (power sector reforms) had remained a recurring decimal with successive administrations with no hope.

With the power sector fixed and electoral reforms fully entrenched, our GDP growing at average of 6% - 8% annually, Nigeria would be a model for Africa and the developing world.

My earnest prayer is that the 2015 elections would be trouble free, with the opposition accepting defeat and congratulating GEJ after Jega declares GEJ the winner in the early hours of February 16, 2014. Then the government would focus on creating employment for Nigerians in agriculture and other sectors. Nigeria would become a destination for the Americans. This is our time, our dream and our destiny.

God bless THE FEDERAL REPUBLIC OF NIGERIA!!
God bless our President!!!

Your first paragraph rubbished the rest of your post which is also rubbish, by the way. But the first paragraph is the biggest rubbish I have read in months.

Vessi:
By then we would be a manufacturing country. .

Yes, like you've been the last 54years.

Vessi:
By then we would be a manufacturing country. I'm sure you read the topic on frontpage saying 22 vehicle manufacturing companies are about establishing manufacturing plans in Nigeria, by then Nigeria would be vehicle exporter. With GEJ in power, agriculture is improving, same as aviation and transport sector. By the time the Chinese get fed up with oil(which is still decades away), we would have had a robust and diversed economy with GEJ on track, that's why we should keep supporting GEJ to see it through.

Have you ever read Animal Farm? I'll advise you to read it. I bet you'll see yourself and the sheep in the book as one when you do.

ISpiksDaTroof: Yes, like you've been the last 54years.

GEJ wasn't in charge, it was the military dictators aka hausas. This is a democracy era and we are on track.
Pessimist!

ISpiksDaTroof: Have you ever read Animal Farm? I'll advise you to read it. I bet you'll see yourself and the sheep in the book as one when you do.

Animal farm is a great novel. What you think about me or who you compare me with is none of my business. I care less. You are a pessimist and a non-believer in the entity called Nigeria. You are hopeless about Nigeria and when someone loses hope he's as good as dead.
Aurevour.