Nigeria Must Build Maritime Wealth Around UTM FLNG – Expert

Maritime expert, Captain Ladi Olubowale, has called on the Federal Government to use the UTM Offshore Floating Liquefied Natural Gas (FLNG) Project as a catalyst for Nigeria’s maritime industrialisation and economic transformation.

Olubowale said the country’s first indigenous-led FLNG project should go beyond gas exports to develop a robust local maritime value chain spanning shipping, marine logistics, vessel ownership, offshore engineering and support services.

While noting that the project supports the Federal Government’s Decade of Gas Initiative by monetising stranded gas reserves, boosting LNG exports and creating jobs, he stressed that its long-term value lies in building indigenous maritime capacity.

He lamented that foreign firms still dominate offshore logistics, vessel chartering, engineering and maintenance services, resulting in huge capital flight.

The maritime expert urged Nigeria to emulate countries such as Norway, Qatar and Singapore, which developed strong maritime industries alongside their oil and gas sectors through sustained investment in indigenous shipping, engineering and maritime finance.

He also called for the Cabotage Vessel Financing Fund (CVFF) to be repositioned to finance indigenous shipowners participating in commercially viable offshore projects, including the UTM FLNG Project.

According to him, linking vessel financing to long-term offshore contracts would boost local ship ownership, create jobs for Nigerian seafarers and marine professionals, deepen local content and conserve foreign exchange.

Olubowale further advocated a national strategic fleet programme to support future FLNG and FPSO projects, positioning Nigeria as a maritime hub for the Gulf of Guinea and the African Continental Free Trade Area (AfCFTA).

He urged the Presidency, the Federal Ministry of Marine and Blue Economy, the Ministry of Petroleum Resources, NNPC Limited, NIMASA, the Nigerian Content Development and Monitoring Board (NCDMB), financial institutions and private investors to align the UTM FLNG Project with a national maritime development strategy. (Daily trust)