Nigeria’s economy at risk

Lagos - Last Tuesday’s move by the United States of America to scale down crude oil importation following the discovery of Shale oil exploration in the country is threatening Nigeria’s economy.

The US, prior to the discovery, was the highest buyer of Nigeria’s crude, accounting for 19.15 per cent of Nigeria’s total crude export reports New Telegraph.

Since the discovery, Nigeria’s crude oil export to North America had dropped by 91.31 percent in one year.

The volume of oil exported to North America in 2013 fell to 1.438 million barrels from 15.111 million barrels that was exported 2012.