Nigeria loses 79 million barrels of Crude.
The Niger Delta militants have attacked the Forcados export
line and have left a total of 79 million barrels of Crude oil shut in since the
month of February 2016, causing oil firms and the nation a huge loss of
revenue.
Remember that the Forcados export terminal was shut down
after the shell Petrolueun Development Company of Nigeria Limited declared
force majeure- a legal clause that allows it to stop shipments without
breaching contracts. Militants had a week earlier blown up a pipeline feeding
the Forcados export terminal, knocking out at least 250,000 barrels per day.
Since then the terminal has not come back on stream.
At this point, I think it is wise for every business
oriented person to have a rethink about waiting for the government to come to
our aid. We have to think fast on how to be creative, imaginative and innovative,
lets think of what we can do to help our economy. This is the only way we can
build our Economy.
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