CHINA'S CRUDE OIL IMPORTATION FROM NIGERIA STEADY - ENVOY

The Chinese Ambassador to Nigeria, Gu Kiaojie, says his country’s crude oil importation from the West African country has been steady in the last five years.
Mr. Gu told the News Agency of Nigeria that contrary to insinuations, “China’s oil import from
Nigeria remains steady”.
“For the past four to five years China has never reduced the volume of crude oil importation from Nigeria, the volume remains stable,” he said.
The Chinese envoy, who described the current trend in the crude oil market as a global phenomenon, also said the global oil market was weak.
He blamed the trend on weak global economy and the market forces of demand and supply, though he admitted that China is not a major crude oil importer in the world.
“China steadily purchases between two to three per cent of total global Nigerian crude oil export,” he said.
He advised Nigerians to redouble their efforts in looking inward and see what they can produce locally rather than relying on importation.
Apart from crude oil, Mr. Gu also said that China imports commodities like iron ore and soya beans from Nigeria on a regular basis.