How Nigeria lost $100b to foreign crude vessels, by Nigerian content board

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

Besides, the financial losses, the country also lost the opportunity of building a virile national carrier.

Speaking at the launch of two new 45,000 metric tonnes vessels-MT Abiola and MT Igbinosa-by an indigenous firm, Ocean Marine Tankers (OMT),  in Lagos, Nwapa said 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.