In 2016, Nigeria’s state-owned oil company, the Nigeria National Petroleum Corporation, NNPC started a scheme that allows it to swap crude contract to enable reduce the cost of importing petroleum products.

You see, the price of crude at the time was falling and Nigeria wasn’t making enough from crude sales to pay for fuel import and still cover other expenditures.

So, it started this barter arrangement where the NNPC gives crude to select companies but instead of getting paid in cash, they receive refined petroleum products of equivalent value.

About 132 companies bid for the crude-for-product swap deals, NNPC said in May.

Check the full list HERE - https:///2MoYb0c