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Indigenous shipowners oppose foreign domination of oil lifting trade

Indigenous Shipowners Oppose Foreign Domination Of Oil Lifting Trade

The Nigeria Shipowners Association (NISA), has said that indigenous shipowners can match their foreign counterparts in the capital intensive crude oil lifting business, and has launched a campaign to be involved in the business, The Nation reports.

The association says its involvement in the trade would be in the national interest. Its General Secretary, Captain Niyi Labinjo, said in an interview that its participation would reduce youth unemployment, generate revenue and ensure security. Labinjo added that it was more profitable for a Nigerian ship to lift crude as the country was losing more by using foreign vessels.

“We will gain about N968 million a day if we use our own indigenous ships to lift crude oil. This is because Nigeria carries about 2.5 million barrels of crude a day at the rate of $2.50 per barrel,” he said, adding that the huge sum would have accrued to Nigeria and created employment for at least 5,000 professionals in the sector. The advantage is that indigenous ships will get their water, food, tug boats, chandelling, engineers and rags from Nigerians he noted.

The post Indigenous shipowners Oppose Foreign Domination of oil lifting trade appeared first on Energy News | Oil and Gas News.

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Indigenous shipowners oppose foreign domination of oil lifting trade


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