The Ambassador of the United States to Nigeria, James Entwistle, has disclosed that the U.S has decided to stop crude oil purchase from Nigeria.
According to him, the price of oil was determined by international market and that the desire of every business person was to get the best product at the best price.
“There is no conspiracy for the U.S. not to buy oil from Nigeria.
“Price of oil is determined by international market and business people go to get the best product for the best price. That something happened to us with oil.
“But I wish you listened to my last statement where I talked about the importance of the private sector, the commitment of the U.S. companies to help build this country (Nigeria),” he said.
“I am not much of an economist but I think the government is starting in the right direction.
“Things like fuel subsidy, exchange rate will continue to create an environment that is welcoming to foreign investment.
“Some of the biggest U.S. companies in the world are here, they’ve been here for decades, they are happy. So it’s better to maintain an environment that will attract more foreign investment,”
Entwistle, revealed this while addressing newsmen at the 240th Anniversary of the U.S. Independence in Abuja.
