Confederation of All Progressives Congress Support Groups (CAPSG) has hailed Nigerian National Petroleum Company Limited for announcing introduction of Nembe Crude Oil Grade, into the international crude oil market.
According to the support groups,the introduction of the blend is coming at a time when the lingering conflict between Russia and Ukraine has made many European countries to seek for crude oil products that aligns with their market preference.
Briefing journalists in Kaduna on the positive developments and the challenges in the country, the Director General of Confederation of APC Support Groups,Engineer Kailani Muhammad explained: “Since the war, the crude industry has been changing faster than ever before as markets in Europe become more tied in with global crude oil trade. But with the introduction of Nembe grade, Nigeria’s crude oil grade is on its way to becoming a steady preference for many European refiners.
“From all indication, the move by the NNPC is a significant development for Nigeria, as it will help to diversify the country’s crude oil exports and reduce its reliance on a few key grades.
“Before the export of Nembe Crude, the crude oil grades peculiar to Nigeria are Bonny Light which is a light, sweet crude oil with a low sulfur content prized for its high quality and versatility; Qua Iboe which which is similar to Bonny Light, but it is slightly heavier and has a higher API gravity.
“There is also Forcados, which is a slightly higher sulfur content than Bonny Light or Qua Iboe but more viscous than the Bonny Light and Qua Iboe.
Similarly, Nigeria’s crude oil grades include Brass River and Escravos which have higher sulfur content than the other Nigerian grades and are also more viscous.
“But the unique selling point of the Nembe Crude Oil grade with an API gravity is that it has a low sulphur content and low carbon footprint due to flare gas elimination, fitting perfectly into the required spec of major buyers in Europe.
“In the past twelve months, the oil market has absorbed the impact of Russia’s invasion of Ukraine and the sanctions imposed in response by the United States, the European Union and their allies in Asia.
“Russia’s crude and fuel exports have been redirected to South and East Asia, while former markets in Europe have been backfilled with crude and products from the Middle East and Asia.”
Speaking on efforts made in the area of education , the DG commended the President for ordering the immediate cancellation of a policy empowering the Federal Government to automatically deduct 40% from the internally generated revenues (IGR) of federal universities. The policy was scheduled to commence in November 2023. Critics had deemed it detrimental to the financial stability of public universities.
“The 40 per cent IGR automatic deduction policy stands cancelled. This is not the best time for such policy since our universities are struggling,” Tinubu said at the 75th Founder’s Day ceremony of the University of Ibadan (UI) on Friday.”
He expressed optimism that with Asiwaju Bola Ahmed Tinubu in helms of affairs as the President, Nigerians should be assured the challenges of a bad economy and insecurity will soon become history.