The Managing Director and Chief Executive Officer of Nigeria LNG Limited, Mr. Babs Omotowa, has raised alarm over Nigeria’s dwindling investments in Liquefied Natural Gas (LNG).
Speaking at the an event, organised by the Petroleum Club in Lagos, Omotowo noted that with no new investments, Nigeria would possibly drop from her current position of the 4th world’s largest exporter of LNG to 10th position by 2020.
Nigeria’s Thisday report quoted Omotowa as saying that NLNG had earned $90 billion revenue since 1999 and that it has elevated Nigeria to number four exporter of LNG in the world, after Qatar, Malaysia and Australia.
Citing the data on the global exports of LNG in 2014, Omotowa said Nigeria was ahead of other world LNG giants, including Indonesia, Trinidad, Algeria, Russia, Oman, Yemen, Brunei, UAE, Peru, Equatorial Guinea, Norway, Papua New Guinea, US, Egypt and Angola.
Omotowa, however, said with no new investments to support Nigeria’s position in the global LNG market, the country’s position would possibly drop to 10th by 2020.
He said while his company earned $90 billion revenue since 1999, $33 billion was paid to the Nigerian government as dividend, $6 billion as taxes and $21 billion for joint venture gas purchase.
The NLNG boss noted that his company’s contribution as Company Income Tax and dividend in 2014 and 2015 constituted 14 percent of the country’s annual budget.
According to him, NLNG, which has a global reputation for reliability has also shipped 3,500 cargoes in 15 years.
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