Nigeria loses N88bn as India, US reduce oil imports

India and the United States have sliced their imports of Nigerian unrefined petroleum by 43 for each penny and 53 for every penny, individually, meaning lost at any rate N88bn in income, the most recent report from the Nigerian National Petroleum Corporation has appeared.

India, which turned into the single biggest purchaser of Nigerian unrefined in 2013 after the US, decreased its imports from Nigeria in May this year as it purchased 7.74 million barrels, down from 13.51 million barrels in April; 12.51 million barrels in March and 12.70 million barrels in February.

The Asian nation had in January imported 16.29 million barrels of Nigerian rough, its most elevated month to month level this year, the NNPC information appeared.

The US, whose imports of Nigerian unrefined rose by 577.8 for every penny in the principal quarter of this current year contrasted with the same time of 2015, diminished its import by 5.77 million barrels in May from 10.13 million barrels in the earlier month.

In February, the US purchased as much as 12.12 million barrels from Nigeria, making it the second biggest purchaser of the nation's unrefined after India.