The Nigeria Liquefied and Natural Gas company has declared force majeure because of widespread flooding that has disrupted supply, a spokesman for the company said on Monday.
Flooding in Nigeria has killed more than 600 people, displaced 1.4 million and destroyed roads and farmland.
Officials have warned that the flooding, caused by unusually heavy rains and the release of water from a dam in Cameroon, could continue into November. NLNG’s supply had already been limited due to prolific oil theft that has slashed output from what is typically Africa’s largest exporter. NLNG had exported roughly 18 cargoes in September, according to Refinitiv data.
Nigeria relies on fossil fuel exports for 90 per cent of its foreign exchange and roughly half its budget. Crude oil exports fell below one million barrels per day on average in August, the lowest level since the 1980s, due to theft that has exceeded 80 per cent on certain pipelines. Crushing fuel subsidy costs have also kept Africa’s most populous nation from benefiting from this year’s surge in oil prices.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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