Effective synergy between maritime, oil sectors will drive growth

Mr Sarki Auwalu, Director and Chief Executive Officer, Department of Petroleum Resources (DPR), says effective synergy between the maritime and oil and gas sectors will drive economic growth in the country.
Auwalu made this known as a guest speaker at the ValueChain Magazine 4th Annual Lecture and Award 2021.
He spoke of on the topic: “Enhancing Effective Synergy Between Oil and Gas and Maritime Sectors for Greater Value Creation’’.
“Without doubt, therefore, we speak today about two sectors whose activities are central to national and global economy and whose strengths can be pulled together for even more opportunities.
“For hundreds of years, the maritime and the oil and gas industries have enjoyed siamese-twin type of relationship, creating and sharing value together.
“As an example, the maritime industry is responsible for hauling oil and gas all around the world while oil and gas has fueled the maritime industry.
“ Imagine that about 700 million barrels of crude cargoes and 22 million tonnes of Liquified Natural Gas (LNG) are transported by over a thousand ocean-going vessels from Nigeria to destinations across the globe annually,’’ he said.
He noted that in 2019, the Nigerian Bureau of Statistics said the value of total foreign trade recorded for Nigeria stood at N36.1 trillion.
According to the director, the figure represented 14 per cent increase over 2018 foreign trade value.
Auwalu said that the maritime industry was responsible for transportation and facilitation of 90 per cent of the trades.


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