Tinubu Commissions First Nigeria’s Indigenous Crude Oil Terminal

President of Nigeria, Bola Tinubu, has commissioned the $400 million Otakikpo Onshore Crude Oil Export Terminal in Ikuru town, Andoni Local Government Area (LGA) of Rivers State.
Developed by Green Energy International Limited (GEIL), the terminal is Nigeria’s first new crude export facility in over five decades, set to boost crude oil production, stimulate the economy, and create jobs.
Speaking at the commissioning ceremony, President Tinubu, who was represented by the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, noted that the project aligns with the core priorities of his Renewed Hope administration’s agenda, symbolizing progress in addressing the longstanding challenges of evacuation in the oil and gas industry.
He commended GEIL for its vision and resilience in delivering a world-class facility with over $400 million investment and executing the project ahead of timeline.
The President highlighted the terminal’s significance in boosting indigenous participation in the oil and gas industry, showcasing local content and investment under the Petroleum Industry Act (PIA).
He assured Green Energy of the Federal Government’s support, noting that “oil and gas will remain crucial to the global energy mix for the next 50 years or more”, and urged industry stakeholders to collaborate to unlock Nigeria’s vast energy potential.
The President announced that the Africa Energy Bank, which is aimed at mobilizing local finances to invest in the energy sector, is ready to take-off, expressing optimism that the bank will help change the game for Africa’s energy sector and enable local companies to access financing for their projects.
Tinubu thanked the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for ensuring compliance to global standard, and commended the Ikuru Town Community for their understanding and partnership.
While assuring government’s commitment to delivering democratic dividends for the people’s betterment, Lokpobiri also stated that the Federal government is working with the people of Ogoni land and stakeholders in Rivers State and has reached a peaceful resolution to pave the way for the resumption of oil exploration activities in Ogoni land.
Earlier in his address, the Chief Executive Officer (CEO) of Green Energy, Professor Anthony Adegbulugbe, said, the facility is a testament to Nigerian innovation and ingenuity.
He noted that the terminal, which has a storage capacity of 750.000 barrels (expandable to 3 million barrels), and a pumping capacity of 360,000 barrels per day, is the first new onshore crude oil terminal in Nigeria in over 50 years.
According to the CEO, the terminal will unlock the potential of over 40 stranded fields in the region with over 3 billion barrels of reserves, potentially contributing over 200,000 barrels per day to Nigeria’s production.
Prof. Adegbulugbe expressed gratitude to Senator Lokpobiri, and the regulatory agencies for their support and commitment to transparency which, he noted, ensured the project’s timely delivery.
“This commissioning marks a new beginning. It’s now up to us – industry, government, investors, and operators – to build on this momentum, innovate further, and ensure Nigeria’s energy wealth benefits every Nigerian”, Prof. Adegbulugbe stated.
In his goodwill message at the commissioning, the Paramount Ruler of Ikuru Town, HRM, Aaron Miller Ikuru, thanked President Tinubu for the new crude oil export terminal, describing it as a monumental national asset that symbolizes hope for job opportunities and improved livelihoods.
The monarch expressed concerns over the inconsistent payment of the statutory 3% Operating Expenditure (OPEX) by the operating company and appealed to the President to ensure prompt payment.
He also requested that the company fulfill its promise to supply electricity to the community and connect them to the same energy source as nearby fields.
HRM Ikuru also thanked the State Governor, Sir Siminalayi Fubara, for completing a section of the Unity Road and appealed for the construction of a road leading to Ikuru Town.
In attendanxe at the event were top government officials, such as the Commissioner of Police, Rivers State, Olugbenga Adepoju Adewole; Political stakeholders, including former Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus; Chairman of Andoni Local Government Area, Hon. Lucky Promise Otuo; as well as Oil and Gas Sector players and other notable dignitaries.
The commissioning of the Otakikpo terminal is widely seen as a major boost to Nigeria’s oil industry and a testament to the country’s commitment to increasing crude oil production and revenue generation.