A Review of the Nigerian Energy Industry

Nigeria’s annual oil exports to US hits $30bn

16 November 2011, Sweetcrude, Lagos – The United States Consular General in Lagos, Mr. Joseph Stafford, has put the value of Nigeria’s annual crude oil exports to his country at $30 billion (N4.5 trillion).

According to him, the figure was in excess of the $5 billion (N750 billion) services, which the US exported to Nigeria annually, with the trade balance of $25 billion in favour of Nigeria.

The consular general disclosed this on Tuesday in Lagos at the unveiling of Sponge-Jet, a low dust abrasive blasting technology by Tricontinental Technologies.

Describing Nigeria’s performance in terms of growth and development parameters as impressive, he said the US government was committed to facilitating innovativeness in various sectors of the economy, hence its involvement in the Sponge-Jet project.

Tricontinental is presently executing contracts for Shell, Chevron and Addax, among other actors in the Nigerian oil and gas sector.

The Sponge-Jet technology offers solutions for industries and applications such as marine and offshore coating application; lead abatement; oil, gas and chemical processing; petrol chemicals; power generation; surface preparation for painting; coating removal; construction; plant maintenance and general repairs.

“We are optimistic. There are many opportunities in this market. We will continue to promote more business partnerships between Nigeria and the US,” Stafford added.

Also speaking at the event, the Managing Director, Tricontinental Group, Prof. Toyin Ashiru, said the Sponge-Jet technology was developed to save time, labour and money by accelerating abrasive blasting and painting operations.

He said the technology was meant to protect the environment by suppressing fugitive emissions and rebound that could lead to costly interruptions and dangerous workplace conditions.

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