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- WHY NIGERIAN ELECTRICITY SUBSIDY WILL CONTINUE TO GROW
- HOW EGYPT TANZA PROJECT WILL BECOME A PREMIUM DESTINATION AFTER COMPLETION
IN SIX MONTHS U.S SPENT $2.7BN ON NIGERIA CRUDE OIL
Nigeria gets a good business relationship with the U.S as they inject $2.7billion just in six months into their economy.
Just in six months the U.S spent $2.7 billion on oil imports from Nigeria, they agreed to increase its import of nigeria crude oil by 32.1percent to 52.36 million barrels in the first half of the year.
According to the latest data revealed by the US Energy information administration, the statistical arm of the Energy department, the country bought a record of 10.24 million barrels from Nigeria in March which is the highest monthly import since July 2013.
In January they imported 9.78 million barrels, 5.96 million barrel in February, 9.16 million barrels in April, 8.69 barrels in May and 8.53 million barrels in June.
With Nigeria’s main export grade, Bonny light, $51 per barrel was the average in the first half of the year, the 52.36 million barrels imported by the US translate to an income of about $2.67bn for the country.