Nigeria is set to enforce a new set of regulations requiring oil producers to obtain an export permit, vessel clearance, and a unique identification number to enable real-time monitoring of crude oil shipments.
The government says the revised framework is intended to address persistent issues such as oil theft and under-reporting at export terminals, which have significantly impacted national revenue. This marks a departure from the previous process, which only required producers to notify customs for export permits.
According to a spokesperson for the national oil regulator, the updated rules represent a move toward a more transparent, accountable, and efficient export system.
Revenue Protection
Energy expert Ayodele Oni, a lawyer with the Lagos-based Bloomfield law firm, underscored the importance of these changes, noting that the former system lacked the ability to track shipments in real time.
“This shortfall led to incidents of theft, misreporting, and discrepancies in export figures, which ultimately resulted in substantial revenue losses,” Oni said.
Under the new policy, officially titled the Nigerian Upstream Petroleum Advance Cargo Declaration Regulation, exporters must provide detailed pre-shipment information. This includes the vessel name, cargo volume, consignee, port of destination, and expected time of arrival.
Strict adherence is required, and failure to comply could lead to penalties of up to $20,000.