BID FOR CRUDE OIL: Way Forward Or Doomsday For Nigeria? [CLICK]

Crude Oil.
Crude Oil.

Too many problems have eaten deep into the fabrics of the once acclaimed and wildly respected Giant of Africa, which currently basks in past glory as she has been terribly reduced to a state of dwarfism over the years.

More unfortunate is the fact that these past few years have not really augured well with the country as the citizens are being tossed by the adverse effects of several national issues ranging from economic recession to increasing dollar rate and more.

Nigeria is no doubt, an oil rich country with a petroleum industry that has been reckoned as the largest in the whole of Africa.

As the country continues to experience the highs and lows, the Nigerian National Petroleum Corporation, NNPC has just released a list of 39 companies out of 224 that bid to participate in the sale and purchase of the crude oil for 2017/2018 economic year.


Among the beneficiaries are 18 Nigerian companies, 11 International Traders, five foreign refineries, three National Oil Companies (NOCs) and two trading arms of the oil corporation.

Even though NNPC assured that they would ensure due process, transparency and fairness in the selection process, it is very necessary to reiterate the need for those measures.

The palpable improvement that has been recorded in the oil sector may come crumbling just under a day by one mistake through the duration of the deal.

More so, the economic situation is already bad enough and those in authority need to take further steps with maximum carefulness in order to improve the already messed up economy.

As usual, every business deal is marked by risks and of course gains. Hopefully, the deal will pan out pretty well so that the generated revenue would be put into good use to salvage the dying economy and restore the lost glory of the once Giant of Africa.

SEE ALSO: YOUNG INNOVATOR!! There’s Now An Alarm Foot Mat And A Solar Grinder, All Thanks To 18-Year-Old Nigerian Student, Tobi Ayanwoye [PHOTOS]

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