FG Loses U.S.$100 Billion to Foreign Crude Vessels

LAGOS – The Federal Government of Nigeria  might have lost over $100 billion in five decades by allowing its crude oil to be carried exclusively by foreign-owned vessels, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB) Engr. Ernest Nwapa has said.

crude oil refinerySpeaking at the launch of two new 45,000 metric tons vessels-MT Abiola and MT Igbinosa-by an indigenous firm, Ocean Marine Tankers (OMT) on Friday in Lagos Nwapa said the country also lost opportunities to build a virile national carrier.

The two vessels would be used to supply crude oil to Warri and Kaduna refineries.

He also said the country equally missed opportunities to train and utilise youths especially from maritime communities of the Niger Delta in formal shipping activities.

Nwapa expressed happiness that the trend began to change with the implementation of the Nigerian Content Act signed into law by President Goodluck Jonathan and demand of relevant officials and agencies to insist that indigenously owned tankers should carry crude.

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