BUILDING BRIDGES OF TRUST IN NIGERIA

Buyers looking for reliable sellers in the Nigerian Off-Opec market face challenges. Primarily, because OFF-OPEC sellers are not registered and there is no way to verify their allotment status. But this this does not mean they are not legitimate sellers, with access to crude oil. They are unofficially selling NNPC oil based on their political influence and financial muscle in the NNPC. These allotments of oil are given to those who have proven their capacity to perform in the oil industry. So to be an OFF-OPEC seller you have to have connections with the NNPC and a robust bank account to lift product. Millions of dollars are required by the seller to pay the NNPC for the oil and finance the shipping and to take the risk of the long journey to the buyer's port. But, for the average Buyer out there, this explanation of politics and power does not give them confidence. When Buyers cannot verify an OFF-OPEC Seller through the normal channels they get jumpy. As facilitators we are trying to build bridges of trust. It is not easy.