Kachikwu, Baru, Peterside Seek Improvement In Nigeria’s Oil Export

 Kachikwu, Baru, Peterside Seek Improvement In Nigeria’s Oil Export

Stakeholders in the oil and gas as well as the maritime industry, converged in Abuja, sought leeway to export Nigerian crude oil in order to attract maximum benefits.

The meeting led by the Ministry of Petroleum Resources, and the Nigerian Maritime Administration and Safety Agency (NIMASA), is expected to fast track the country’s transition from the Free-on-Board (FOB) to Cost, Insurance and Freight (CIF) system of exporting the nation’s oil.

Speaking at the forum, which focused on: “Free On-Board (FOB) and Cost, Insurance and Freight (CIF) Incoterms Framework for Export of Nigerian Crude Oil and Gas,” the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, insisted that Nigeria is in urgent need of improving its oil export. He decried that various attempts in the past to transit from FOB to CIF system of exporting the nation’s crude oil had failed.

Stakeholders in the oil and gas as well as the maritime industry, converged in Abuja, sought leeway to export Nigerian crude oil in order to attract maximum benefits.

The meeting led by the Ministry of Petroleum Resources, and the Nigerian Maritime Administration and Safety Agency (NIMASA), is expected to fast track the country’s transition from the Free-on-Board (FOB) to Cost, Insurance and Freight (CIF) system of exporting the nation’s oil.

Speaking at the forum, which focused on: “Free On-Board (FOB) and Cost, Insurance and Freight (CIF) Incoterms Framework for Export of Nigerian Crude Oil and Gas,” the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, insisted that Nigeria is in urgent need of improving its oil export. He decried that various attempts in the past to transit from FOB to CIF system of exporting the nation’s crude oil had failed.

Tolani Giwa

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