ABN – Nigeria Liquefied Natural Gas Company (NLNG) is hoping to make the country the hub for maritime operations in Africa by investing US$1.5 billion in the construction of a ship yard.
The country is Africa’s top oil exporter but it does not have a drydock for maintaining and repairing large crude vessels.
South Africa is the only country on the continent to have the repair facilities so ships have to travel a long distance to get repairs.
Samsung Heavy Industries and Hyundai Heavy Industries have also committed $30 million each towards the construction of the Badagry-based facility.
NLNG spokesman Tony Okonedo said: “It could potentially be used to transport the 2.5 million barrel a day crude business in Nigeria.”
Construction of the plant is scheduled to take over 48 months.