Nigeria could see increased oil revenue as Japan expands its search for crude suppliers beyond the Middle East amid ongoing supply disruptions linked to regional tensions.
Japanese officials confirmed that outreach has been made to several oil-producing nations, including Nigeria, as part of efforts to secure more stable energy sources.
According to Narumi Hosokawa of Japan’s Ministry of Economy, Trade and Industry, the country is also considering imports from Malaysia, Azerbaijan, Brazil, and Angola.
Prime Minister Sanae Takaichi announced that Japan will release oil reserves equivalent to 20 days’ supply starting in May, in addition to earlier measures.
The country is also working to reduce reliance on the Strait of Hormuz, a key oil route affected by the conflict, with plans to route over half of its imports through alternative channels.
