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Nigeria earns $50b from LNG

09 June 2014, 10:50

Lagos - The Nigeria Liquefied Natural Gas (NLNG) Limited has generated over $50billion for the Nigerian economy since October 1999 when it exported its first LNG cargo.

Speaking at the company’s book launch on ‘2014 Facts and Figures, the Managing Director of the company, Babs Omotowa, said the company exported its 1 000th cargo in December 2006, 2 000th cargo in October 2010 and 3 000th in January 2014.

He said in diversifying the country’s revenue base and monetizing gas resources in Nigeria, NLNG now owns $14 billion of assets in Bonny Island of Rivers State.

According to him, the company paid $13 billion in dividends with another $11 billion earned as feed gas sales revenue, while over $10 billion expenditure was spent in the local economy on goods, services and salaries of thousands of staff employed.

He also stated that the company paid a corporate income tax of over N200 billion yearly, while the Rivers State Government earns over N6 billion yearly from personal income taxes.

Omotowa further disclosed that Bonny Local Government Area of the state earns over N88 million yearly as tenement rate from NLNG.

He noted that the company had been the arrow-ahead in the federal government’s quest to eliminate gas flaring and to derive value from the country’s 187 trillion cubic feet of a proven gas reserves.

He disclosed that the company has 23 LNG vessels which constitute the largest shipping fleet in the country, adding that out of the 23 vessels, 13 are owned by NLNG’s subsidiary, which is Bonny Gas Transport, while the 10 others are long term leased vessels.

To pursue what he called the Nigerianisation plan, Omotowa said the company had entered into partnership with Hyundai and South Korean companies to train Nigerian captains and cadets in order to be able to compete internationally.

According to him, it was agreed that 600 Nigerians, including 180 people from the Niger Delta, will be trained but currently, 60 are undergoing training.


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