The Philippine Ambassador to Nigeria, H. E Alex Lamadrid has disclosed that Philippine companies have stopped importing oil from Nigeria saying that the cost of crude oil importation from other middle Asian countries was relatively cheaper than Nigeria.
In an exclusive interview with LEADERSHIP SUNDAY in Abuja, he was optimistic that in the nearest future, the Philippine oil import from Nigeria will resume stressing that Filipino companies have indicated interest in the improvement of infrastructure in Nigeria.
"Nigeria is the 8th largest producer of crude oil in the world and other suppliers particularly the middle Asian countries are actually nearer to the Philippine, so, the cost of importing oil from the Middle East is much lower than having the oil come all the way from Africa; that is why, I think, the Philippine companies have made the cost benefit analysis of the oil and came to the conclusion that perhaps this time, it will be more profitable for them to import from other sources other than Nigeria.
According to him, "We do hope that in the future, Philippine oil import from Nigeria will resume. We would really love to have Filipino business people and companies investing in Nigeria and we can actually site two or three big projects which are in the pipeline regarding the improvement of infrastructure in Nigeria in which some Philippine companies have expressed interest.
Lamadrid further stated that plans are underway between the Nigerian and Filipino government to collaborate on possible ways of ending drug trafficking as well as collaborating on the exchange of prisoners.