Nigeria’s oil regulator has rolled out new rules requiring oil exporters to secure an export permit, vessel clearance, and a Unique Identification Number (UIN) through an online platform before any crude or petroleum products leave the country.
This move, aimed at boosting transparency and real-time cargo tracking, comes as Dangote Refinery prepares to export a 90,000 metric ton gasoline cargo to Asia for the first time, marking a major milestone for Nigerian refined products abroad.
The government said the updated regulations are designed to enable real-time monitoring of oil cargo exports, aiming to combat theft and under-declaration at export terminals, and thereby significantly enhance government revenue.
The new rules mark a significant departure from the previous system which only required producers to declare cargoes to customs authorities for export permit issuance.
“The new guidelines represent a significant step toward a more transparent, accountable and efficient oil export regime in Nigeria,” the spokesperson for the regulator said.
Reinforcing the necessity of these changes, Ayodele Oni, an energy lawyer at Lagos-based Bloomfield law firm, said the previous system was not equipped for real-time tracking.
“This deficiency led to issues such as under-reporting, theft, revenue loss and mismatches in export data,” Oni said.
Under the revised framework, known as the Nigerian Upstream Petroleum Advance Cargo Declaration Regulation, exporters must file comprehensive details of the vessel and cargo in advance, including the consignee, port destination, tonnage and estimated time of arrival.
Strict compliance with these new regulations is mandatory and non-compliance carries potential penalties of up to $20,000.
Meanwhile, a 90,000 metric ton cargo of gasoline from Nigeria’s Dangote refinery will be sold out of the region for the first time and bound for Asia, a source familiar with the matter said.
Since the 650,000 barrel-per-day refinery started gasoline exports last year, the cargoes have stayed in west Africa.
Mercuria is due to load the cargo on June 22, the source close to the deal said, speaking on condition of anonymity.
Reuters