The Nigerian government has officially issued and signed licences for the establishment of two crude oil export terminals, with the potential to generate $11 billion in revenue for the country each year.

The licences were granted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority to Belema Sweet Export Terminal Limited and NNPC Exploration and Production Limited in Abuja.

The Chief Executive of the NMDPRA, Farouk Ahmed, highlighted that these terminal establishment licences would significantly increase Nigeria’s export storage capacity by more than four million barrels of oil.

The President and Founder of Belema Oil Producing Limited, Tien Jack-Rich, expressed confidence that the facilities would be operational within six months and emphasized the substantial economic benefits, stating that the terminals had the capacity to generate over $11 billion annually for Nigeria.