As Nigeria’s oil and gas sector continues to dominate the economy, the importance of oil terminals—commonly referred to as tank farms—cannot be overstated. These facilities act as vital storage hubs for petroleum products, ensuring efficient distribution both within the country and internationally. In 2023, the Nigerian National Petroleum Company Limited (NNPC) reported impressive revenues totaling N23.
9 trillion, which included N12.02 trillion from domestic crude oil sales and N2.04 trillion from exports to Panama.
Related Stories With over 1.35 million barrels produced daily, Nigeria reinforces its status as Africa’s largest oil producer, with the oil and gas sector contributing to more than 90% of the nation’s exports. Recent increases in daily crude oil production, rising to 1.
352 million barrels in August, position the industry for growth, especially with Brent crude prices stabilizing around $77 per barrel in October amid escalating Middle Eastern tensions. As Nigeria navigates its path to economic recovery, the contributions of its oil terminals will be pivotal. This report spotlights the CEOs and Managing Directors of the country’s largest oil terminals and tank farms, providing insights into their leadership and strategic initiatives in an evolving industry landscape.
Capacity: 300 million liters Segun Adebutu is a Nigerian entrepreneur and philanthropist with a diverse portfolio spanning oil and gas, mining, infrastructure, telecommunications, and entert.
