Sep 12 (Lagos) - India has increased its purchases of crude from Nigeria amid tariff threats from the US. The foreign policy of India has shown remarkable strength amid unprecedented pressure from the USA to purchase crude oil from them in place of Russia that has been selling to India & China at steep discounts due to their own sanctions from US.
India has started buying more from Nigeria instead of US in a major rebuke to the tariff threats emanating from there.
US has even gone to great lengths to even pin blame for Russia-Ukraine war on India fully supported by their puppets in the international media organizations. That has not worked and just this week there were signs of revival of friendship with US President Trump and Indian PM Modi.
This move from India is going to help Nigeria increase its foreign reserves and that would hopefully lead to some strength in the Naira which as been decimated by a series of devaluations over the past decade. Now it trades around 1500 to 1 Dollar - 10 years ago it used to be 200 to 1 Dollar.
Crude oil related stocks got a boost this week with gains in
ARADEL and
OANDO as we approach the end of week trading tomorrow.