EVALUATION AND ANALYSIS OF SEABORNE TRANSPORT OF NIGERIA'SHYDROCARBON TRADE

摘要

The Nigerian's hydrocarbon resources are the mainstay of the country's economy. According to the IMF report in 2011, about 95 percent of the export earnings and over 75 percent of the national revenue are attributed to the hydrocarbon sector alone. Globally, Nigeria remains one of the top oil & gas producers and exporters. In 2010, the country exported 17.97 million metric tons of Liquefied Natural Gas (LNG); making Nigeria the 5th largest LNG exporter in the world and the largest LNG exporter in the Atlantic basin. However, the country has been plagued with thefts of hydrocarbon. The bulk of the stolen resources take place at oil & gas installations as well as the export terminals. Some of the socio-economic impacts of these illegal activities include environmental degradation, loss of economic activities for the communities, loss of revenue to the Nigerian government as well as increase criminality in the oil & gas exploration/production region. Recent Federal government report put oil stolen from Nigeria on daily basis at approximately 80,000 barrels.