IN January 2019, Nigeria lost one of its biggest oil trading partners, the United States, when Washington stopped buying crude oil from the country. This singular act by the US pushed crude oil from Nigeria out of its markets.

This was after it lifted its 40-year ban on crude oil exports. Nigeria’s economy would be hanging in the balance, if not at a precarious situation, if the country’s top crude oil buyers follow suit.

Data obtained from the Observatory of Economic Complexity (OEC), an international trade database tool that portrays visual narrative about countries and the products they exchange, revealed that from 2008 to 2018, Nigeria earned $544.68 billion from oil exports to its major trading partners.

Nigeria’s top crude oil buyers for the period under review included the US, spending $151 billion, closely followed by India with $96 billion. Brazil was in third place with $52 billion, Spain at $49 billion, South Africa spent $34 billion, the Netherlands and France both spent $33 billion each.

In 2011, there was a spike in crude oil sales from Nigeria which could be attributed to global cuts in oil supply by OPEC countries making the US, India and Brazil double their demand from Nigeria.

READ MORE: https://www.icirnigeria.org/analysis-if-india-germany-others-fail-to-buy-crude-oil-from-nigeria-economic-collapse-is-sure/

I guess it's something to celebrate.

You and your family would be immune to the effects of such collapse.

GavelSlam:
I guess it's something to celebrate.

You and your family would be immune to the effects of such collapse.

ol boy, 4get dat won.
dis mata pass joke and politics o!
Saudi is investing $100 BILLION in India.
d FIRST tin dem dey build na refinery.
where do u think India will start buying crude from in 3-5 yrs tym?
minwyl, about 4 supertankers full of ur crude oil are floating on d high seas, without a buyer or destination.

we're currents using 60% of our budget to pay salaries and service debt-
actually, it's more, cos last yrs capital expenditure was only 54% utilised, of d amount budgeted.
when new minimum wage starts being paid, how much will b left for infrastructure?

u people think there's hunger in d land now abi?
138 million people in poverty!
we all should be terrified, having nightmares and BEATING UP all public/civil servants who misbehave-
but we're too stupid, too complacent and too ignorant to be horrified about our future.
d recent looting spree by hoodlums is just a TINY taste of what's to come.
keep fighting for politicians.
na dem go fes run, leave us hia to chop awasef.

debaj10:
ol boy, 4get dat won.
dis mata pass joke and politics o!
Saudi is investing $100 BILLION in India.
d FIRST tin dem dey build na refinery.
where do u think India will start buying crude from in 3-5 yrs tym?
minwyl, about 4 supertankers full of ur crude oil are floating on d high seas, without a buyer or destination.

we're currents using 60% of our budget to pay salaries and service debt-
actually, it's more, cos last yrs capital expenditure was only 54% utilised, of d amount budgeted.
when new minimum wage starts being paid, how much will b left for infrastructure?

u people think there's hunger in d land now abi?
138 million people in poverty!
we all should be terrified, having nightmares and BEATING UP all public/civil servants who misbehave-
but we're too stupid, too complacent and too ignorant to be horrified about our future.
d recent looting spree by hoodlums is just a TINY taste of what's to come.
keep fighting for politicians.
na dem go fes run, leave us hia to chop awasef.

And the onus is on the president and legislators.

The rest of the 138 million should keep waiting for miracles.

GavelSlam:

And the onus is on the president and legislators.
The rest of the 138 million should keep waiting for miracles.

shuo
who dis ur sarcasm com ep now?

debaj10:
shuo

who dis ur sarcasm com ep now?

Maybe the people.

Let us see if bad economy truly affects the common man or the elite.

GavelSlam:

Maybe the people.
Let us see if bad economy truly affects the common man or the elite.

lol wetin u tink say d rioting dey 4? boys dey vex. but how do u change tins in a nation lyk ours? na only common man dey c common man. so, wot to do?