The Nigerian Content Development and Monitoring Board (NCDMB), the Nigerian National Petroleum Corporation (NNPC), the Nigerian Maritime Administration and Safety Agency (NIMASA) and other stakeholders in the oil and gas industry have renewed contracts for lifting Nigerian crude oil.
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This is expected to yield benefits for the Nigerian economy as indigenous companies that have invested in ownership of crude oil lifting vessels would be given first consideration in line with the provisions of the Nigerian Oil Industry Content Development (NOGICD) Act.
In 2013, NCDMB estimated that the Nigerian economy lost over $100 billon in five decades by allowing its crude oil to be carried exclusively by foreign owned tankers.
This new development stemmed from a recent meeting titled “Crude Oil Off-takers Nigerian Content Deliverables” convened by the Board in Lagos for agencies and stakeholders.
This is welcome development as the nation thrives to grow the quantum of Nigerian content in the lifting of its crude oil by working with Nigerian shipping stakeholders to generate more revenue for country as well as developing capacity that meets global standards.