China Reiterates Commitment To Buy More Crude Oil From Nigeria

Relief is coming for Nigeria’s oil market as China has pledged to purchase more oil from Nigeria.

Following the discovery of shale by the United States, which used to be Nigeria’s biggest exporter, the country stopped exportation of oil from Nigeria in the last quarter of 2014.

According to the country’s Deputy Chief of Mission in Nigeria, Zhang Bin, the Chinese government is looking forward to importing more of Nigeria’s oil.

Zhang who spoke in Abuja, on Tuesday, February 3, said China was interested in Nigeria’s oil and that when President Goodluck Jonathan visited China in 2013, the country discussed the possibility of importing more oil from Nigeria.

He said: “And I think we are working on this and we hope that the Nigerian side would allow us to import more. Actually, what we are looking at is improved economic cooperation between the two countries, we are the third largest trade partner with Nigeria.”

Zhang added that the trade volume between Nigeria and China in 2014 surpassed $16 billion, however, his country was looking at possibilities of bolstering trade with Nigeria.

Bizwatchnigeria

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