The Nigeria Liquefied Natural Gas Company Limited (NLNG), a joint venture between the federal government and foreign oil majors, has generated some $85 billion from exports since its inception 15 years ago.
“For us, it has been a success story. Between 1999 when we came on stream and now, we have realised some $85 billion from exports of LNG to buyers in Europe, America and Asia,” Babs Omotowa, NLNG chief executive said.
He stated that the company, which was set up to harness Nigeria’s vast natural gas resources and produce LNG for export, has also paid billions of dollars to the state in tax.
“Just a few days ago, we paid $1.6 billion to the government as tax and this will go a long way to assist the new government in solving some of its problems,” he noted.
Meanwhile, the company is sponsoring the construction of the first major ship yard in Africa’s biggest economy at the cost of $1.5 billion, in its attempt to turn the country into a hub for maritime operations on the continent.
Nigeria is the world’s eighth biggest crude oil producer and Africa’s top oil exporter but it does not have a dry dock for maintaining and repairing large crude oil vessels, a major drawback for carriers sailing to the country, said Tony Okonedo, NLNG spokesman.
Only South Africa had such a facility on the continent, Okonedo said, meaning that ships travelled a long distance for repairs. Nigeria has two facilities that can only accommodate small vessels, he added.
Okonedo said Samsung Heavy Industries and Hyundai Heavy Industries had both agreed a $30 million commitment towards the construction of the facility, which would be located in Badagry, Lagos.
“It could potentially be used to transport the 2.5 million barrels of oil a day in crude oil business in Nigeria,” he said.

Maureen Nzeogu
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