Business

Nigeria losses N2.8bn daily over shut Qua Iboe terminal

Renewed militancy costs Nigeria N356.6b in five months
The current economic woes confronting Nigeria may worsen as the country is estimated to be losing about N2.79 billion daily following the closure of Qua Iboe Terminal operated by ExxonMobil.
The company evacuated their workers from the terminal on Thursday.
Qua Iboe is reputed to be Nigeria’s largest crude oil stream, exporting more than 300,000 barrels per day.
An oil industry source alleged that the evacuation was caused by the threat from militants and that tanks had been emptied of crude.
However, the management of Exxon Mobil, Thursday said production was ongoing at Qua Iboe crude oil terminal, despite criminal activities that obstructed staff access to a bridge leading to the terminal in the early hours of yesterday.
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