The country has lost at least N689 billion to the ongoing suspension of exports of Forcados, one of the nation’s largest crude oil grades, since February.
Friday, October 21, 2016 marked exactly eight months since Shell declared force majeure on the export of Forcados.
The International Energy Agency had in April estimated that Nigeria could lose about $1 billion (N197 billion) in revenue by May, when repairs of the Forcados terminal were expected to have been completed.
But as of Friday October 21, the force majeure had not been lifted.
At an average oil price of $40 and exchange rate of N197 to the dollar, the country lost at least N246.4 billion from February 21 to June 19. Using an average oil price of $48 and an exchange rate of N300/dollar, the loss recorded from June 20 to October 21 amounts to N442.8 billion.