LAGOS, Nigeria – New managers of Nigerian National Petroleum Corp. say the West African nation will start selling and buying oil and gasoline directly to cut out middlemen.
Tuesday's announcement fits new President Muhammadu Buhari's plan to curb corruption endemic in the industry in Africa's biggest oil producer.
Nigeria produces 2 million barrels of crude a day, according to the corporation's website. Nigerians consume about 9 million liters (2.4 million gallons) of gas daily, almost all imported because local refineries are inefficient. One barrel of crude produces about 30 gallons of diesel or fuel.
A statement says the move follows a screening of previously used petroleum product importers that revealed most of the 44 companies were middleman businesses.
It said the change is "designed to enshrine transparency and eliminate the activities of middlemen."