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How to Scrutinise Nigerian Suppliers of Crude Oil

2 min read

Business related to sale and purchase of crude oil is flourishing all around the world. As long we have millions and millions of automobiles running in our cities, demand of crude oil will always be on the rise. As oil is a non-renewable form of natural resource, its production is concentrated in few geographical regions around the earth. Most of the oil reservoirs could be found around middle-east and central African regions.

Having large oil reserves is a major boost for economies of oil producing countries and therefore most of the commercial activities in these countries are concentrated around crude oil. Nigeria is one such oil rich country where oil proves to be major source of income for it.

As internet has become one of the major source of finding buyers or sellers for a product, crude oil is no exception here. Many people around the world make use of different B2B websites to look for suitable buyers or sellers. While visiting any such websites you would have observed that a majority of offers to sell oil and related products are posted from Nigeria. We must be very careful in scrutinising these offers as all of them may not be true and correct. Many of these offers are fake and posted with intention to con people.

Nigerian National Petroleum Corporation (NNPC) is the official governmental establishment that allocates oil to commercial firms. While dealing with a new business contact in Nigeria who claims to have an allocation from NNPC should be verified upon. NNPC has offices within Nigeria (Bonny, Lagos & Abuja) and abroad (London) which could be approached in order to verify allocation claims. The companies who have allocations from NNPC are the only real sellers and anyone else who claims that they can supply from other sources may be trying to get lucky with you. Beware and do your due diligence before committing yourself into any such deal.

If at any time a seller asks you for money on some silly pretext, you should get alarmed about the sincerity of the other party involved. They might pretend to be someone who they actually are not. Only progress and transfer money one you have verifiable “Proof of Product” with you from your supplier. Hope you will find above details interesting and beneficial.

Amol Gupta

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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