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Nigeria Has Lost Its Most Valued Crude Oil Customers – FG

President Muhammadu Buhari

President Muhammadu Buhari

Nigeria has lost its most valued crude oil customers, the Federal Government has said.

He recently had his say while speaking to the press, and Nigerians have been reacting.

According to him, some of the country’s gas buyers now compete with the country in the same market, and as sweet as Nigeria’s crude is renowned to be globally, customers have turned their back on the nation.

He added that international oil companies are massively shifting focus to alternative fuels, as the threat posed by the push for renewables is seriously gaining momentum.

His words, “As we speak, some of the big IOCs are funding gigantic research in alternative fuels.”

“As sweet as Nigeria’s crude is renowned to be globally, we have recently lost our most valued customers and our gas buyers are themselves now competing with us in the same market place as suppliers.”

“All of these point to one fact; if Nigeria is to continue to benefit from its vast petroleum resources, now more than ever is the time to build sustainably into our oil and gas value chain, as well as management of its waste. And this rests on the shoulders of not only the regulators, but on all stakeholders.”

“The threats of renewable energy sources, which in the past were almost dismissed by energy industry experts, have today become more real than ever.”

“And I will like to draw your attention to a few of the more recent trends. Three among the biggest technology companies have made attempts at electric cars to replace gasoline and diesel engines.”

“While the attempt of Apple may not have made it to production yet, and that of Google was suspended after clearly successful street trials, that of Tesla took the world by surprise.”

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