Nigeria must overhaul its oil and fuel sector to make it extra clear and open to fuel-pricing competitors if it desires to draw investments from U.S. oil corporations, a Nigeria-based official on the U.S. Division of Commerce advised Bloomberg in an interview.
In keeping with Brent Omdahl, who’s industrial counselor on the U.S. Division of Commerce:
“Our traders are prepared to compete on truthful phrases for brand spanking new investments if there’s a clear course of to attempt to win new oil alternatives. What’s troublesome or a disincentive to traders is when offers are accomplished after which the contracts should not honored.”
Nigeria also needs to think about eradicating the value controls over gasoline and different fuels with a view to open the market to competitors, Omdahl advised Bloomberg, including that the present gasoline value controls “perpetuate a system the place solely sure folks profit.”
As a complete, Nigeria must assume strategically for the long run about the way it may change into a extra engaging vacation spot for overseas, together with U.S., oil firms, based on Omdahl.