The Chief Executive Officer of Nigeria LNG Limited, Babs Omotowa (photo), has revealed that Nigeria needs new investment otherwise the country will lose her current 4th position as world’s largest exporter of LNG to 10th position by 2020.

According to Omotowa, NLNG raised Nigeria to the 4th exporter of LNG in the world, after Qatar, Malaysia and Australia and had earned $90 billion in income since 1999 but currently the country’s investments in Liquefied Natural Gas (LNG) is dropping and with no new investments to back her position in the global LNG market, the country’s position will drop.

He said in terms of LNG, Nigeria had overtaken other world giants, like Indonesia, Trinidad, Algeria, Russia, Oman, Yemen, Brunei, UAE, Peru, Equatorial Guinea, Norway, Papua New Guinea, US, Egypt and Angola.

The Managing Director noted that although the company earned $90 billion in revenue since 1999, $33 billion went to the federal government as dividend, $6 billion as taxes and $21 billion for joint venture gas acquisitions respectively.

NLNG, dispatched a total of 3,500 cargoes in 15 years, he told This Day, adding that the company also ordered for six new vessels with five already delivered.

Nigeria LNG Limited is cooperatively owned by the Nigerian National Petroleum Corporation (NNPC) with 49%, Shell Gas B.V. with 25.6%, Total LNG Nigeria Ltd with 15% and Eni with 10.4%.

Anita Fatunji