The Nigerian government is set to implement a new regulatory framework requiring oil producers to obtain an export permit, vessel clearance, and a unique identification number to enable real-time tracking of oil cargoes.
The updated rules aim to combat oil theft and under-declaration at export terminals, enhancing transparency and significantly boosting government revenue.
This marks a major shift from the previous system, which only required producers to declare cargoes to customs for export permit issuance.
Under the Nigerian Upstream Petroleum Advance Cargo Declaration Regulation, exporters must now submit detailed information ahead of shipment, including vessel identity, cargo tonnage, consignee, destination port, and estimated arrival time.
The oil regulator emphasized that the new system ensures real-time monitoring of exports, addressing long-standing issues such as data mismatches and revenue loss.
Non-compliance with the new rules could attract penalties of up to $20,000.
