Trade Expert Urges FG to Disclose Details of China Crude Oil Swap Deal, Reinstate Fuel Subsidy
By Taiwo Olapade
The Lead Consultant of 3T Impex Trade Consulting, Dr. Bamidele Ayemibo, has called on the Federal Government to be transparent about the details of the current crude oil swap deal with China.
According to him, disclosing the specifics of the arrangement would demonstrate transparency and accountability while giving Nigerians a clear understanding of the deal and preventing further speculation about the government’s intentions.
Dr. Ayemibo made the call during the recent virtual launch of the 3T Impex Non-Oil Export Index Report 2026. He questioned the duration of the agreement and sought clarification on how long the deal would remain in effect.
He also strongly believes that this is the right time for the Federal Government to reintroduce the fuel subsidy regime in light of rising costs that have affected all sectors of the economy.
According to him, there is no reason Nigerians and businesses should bear the burden of the ongoing US-Israel-Iran conflict, particularly because of the disruption caused by Iran’s blockade of the Strait of Hormuz, a major global oil transportation route.
Dr. Ayemibo explained that the Federal Government should enter into an agreement with the Dangote Refinery for the supply of crude oil in naira and closely monitor the implementation of the arrangement for the benefit of Nigerians.
The international trade expert noted that such an arrangement, if properly monitored, would reduce the pump price of fuel and help ease the economic hardship currently being experienced by citizens.
Nigeria is Africa’s largest crude oil producer but has historically relied on imported refined petroleum products until the Dangote Refinery commenced operations to help bridge the supply gap.
