President Bola Tinubu will inaugurate the $400 million Otakikpo Onshore Crude Oil Export Terminal in Rivers State on Wednesday, October 8, marking the first new crude export facility to be built in Nigeria in over half a century. It is the first indigenous crude export facility in Nigeria since the Forcados Terminal of 1971. The new terminal provides an evacuation route for over 40 stranded oil fields, with a capacity expandable to 3 million barrels. Project positions Nigeria as an attractive destination for foreign oil investment amid industry challenges.
