Niger Delta Avengers causes Nigeria to loose N689 billion

By: AFEEZ KAFILAT and MONEBI TITILOPE 




Eight months after Shell declared force majeure on the export of Forcados in Nigeria, the country has reportedly lost at least N689 billion.

Forcados is one of the nation’s largest crude oil grades and has been shut since February after it was attacked by militants in the Niger Delta.

Forcados oil terminal in DELTA STATE.... pix by okunola fortunate 

Today reports that the International Energy Agency had in April estimated that Nigeria could lose up to $1 billion, which amounts to about N197 billion by May.
“The Forcados terminal in Delta state, one of Nigeria’s biggest terminals, was scheduled to load 250,000 barrels of crude per day.

“At $40 per barrel, Nigeria could stand to lose about $1 billion between February, when force majeure was declared, and May, when repairs are expected to be completed,” the agency had said.