Nigeria favours local firms in $40bn oil contract awards

Nigeria has awarded most of its long-term oil contracts worth an estimated $40-billion a year to local companies, according to a confidential list seen by Reuters, meaning global traders need to partner with them to access crude from Africa's top producer. Global commodity traders, refiners and Nigerian dealers jockey at an annual tender for access to the OPEC member's prized crude oil, which is easy to refine and produces more high-value fuels.