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Business US No Longer Importing Nigerian Oil



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America's quest for an alternative energy source 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, AfricanGlobe says.88


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.

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.

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.”

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