Nigeria will be able to generate revenue worth $3 billion per year of business from its bunkering sector if the petroleum industry governance bill (PIGB) is passed into law, says an industry forecast from the Nigerian Maritime Administration & Safety Agency (NIMASA).
The Nigeria’s Maritime Industry Forecast: Emerging Opportunities and Challenges report noted of PIGB being a subset of the Petroleum Industry Bill (PIB) which seeks to bring under one law the various legislative, regulatory, and fiscal policies, instruments and institutions that govern the Nigerian petroleum industry.
“PIGB seeks to create an efficient and effective governing institutions with clear and separate roles for the petroleum industry and establish a framework for the creation of commercially oriented and profit-driven entities that will ensure value addition to the industry,” it says.
According to the report, the implementation of PIGB will result in a rise of cabotage activities, more investments in the oil and gas industry, an increased demand for crude oil tankers, and growth in the importation of oil and gas production equipment.
The development will will see more vessels calling Nigerian ports, more revenue for the government and more business for auxiliary services providers in the industry.
“It is also believed that the passage of the PIGB will attract multinationals into the downstream sector of the industry leading to the setting up of refineries which will eventually lead to Nigeria being a net exporter of refined petroleum products,” it adds.
“If this happens in the next one or two years it will lead to the demand of refined petroleum tankers and more importantly it will create a very robust bunkering business in the maritime industry, which is capable of generating over $3 billion per annum.”
Photo credit: Nigerian Maritime Administration & Safety Agency
Published: 5 March, 2018
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