Nigeria loses $6bn annually in crude lifting to foreign shipowners – NNPC GMD


The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru, has restated the need for the establishment of a national fleet, saying that Nigeria loses $6,165,800,104 billion annually to foreign shipowners in the upstream sector through lifting crude, The Sun reports.

Addressing the Shipowners Association of Nigeria (SOAN) in Lagos,  the NNPC GMD, who was represented by the Group Executive Director, Downstream of NNPC, Mr. Henry Obi, told  the shipowners that the establishment of the national fleet should not be considered solely the responsibility of government but that such a project for crude oil afreightment would help the country save some of the foreign exchange paid to foreign shipowners.

According to him, a total of 771,689,625bbl (107,179,115mt) of crude oil was lifted from Nigeria in 2015. “Assuming the total tonnage of the nation’s crude oil was freighted to UK using a 130,000 tonne vessel (which could take 950,000bl), it means that a total of about  $6,165,800,104 was paid to foreign shipowners. Some of these monies could have been saved if the nation had a national fleet for crude oil afreightment,” he lamented.