Nigeria Seeks Advantage in Drop in Oil Sales to U.S., Sambo Says
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Nigerian Vice President Namadi Sambo said decreasing oil sales to the U.S. are an opportunity to create jobs by building refineries and developing markets closer to home.
Nigeria, an OPEC member, lacks refining capacity and depends on imported fuel to meet domestic demand. The country is set to lose its position as Africa’s biggest crude producer for the first time since 2009. Its shipments to the U.S. slid to 194,000 barrels a day in February, the lowest in more than 18 years, according to the U.S. Energy Information Administration.