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‘Why FG must cut foreign firms’ dollar repatriation’

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‘Why FG must cut foreign firms’ dollar repatriation’

 

Foreign players in Nigeria’s oil logistics industry repatriate millions of dollars due to ineptitude in regulation to protect local companies.

Managing Director and Chief Executive Officer (CEO) of Fortune Global Shipping and Logistics, Mr. Eric Opah, said this in Lagos last Friday.

 

He tasked the Federal government to cut down on the dollar repatriation, which he said is an economic sabotage to the progress of the country.

 

He called for the quick passage of the Petroleum Industry Bill (PIB), which he said would support local capacity building in the oil and gas sector.

Speaking on the benefits of the Nigerian Local Content Act during an interview session with New Telegraph, Chief Executive Officer, Fortune Global Shipping and Logistic, said that the Nigerian Act is a law targeted at promoting local participation in the oil and gas industry.

 

 

 

Opah observed that the implementation of the law has significantly offered Indigenous companies the opportunities to break even in the sector, stressing that the PIB if passed into law will further support investment and increase activities in the industry.

 

His company, according to him, played crucial role in the Egina floating production storage and offloading facility (FPSO), developed by the French group, Total.

“Fortunes Global built strategic partnerships to strengthen its new business portfolio in the oil and gas sector,” he said, adding that with “fresh opportunities, our company is exploring offshore; the company will break more grounds.

 

“The Egina was very challenging to us as an Indigenous oil company because we export the pressure tank to South Korea and the Local Content implementation of the project facilitated the in-country integration of the infrastructure.

 

“So I want to urge the National Assembly to expedite action on the PIGB because we need strong fiscal policy to help develop local competences and improve indigenous oil companies participation in oil and gas activities especially now that the oil prices is improving.”

Speaking further, he said the company has commenced expansion outside Nigeria to export capacities and explore opportunities in the international market.

“One of the challenges local players face today is access to finance and to compete in the global market you need adequate capital base and this is where we find it difficult to handle big projects.

“However, we have expanded to Ghana and the US and we are looking at new opportunities that will support our growth strategy and plan”, he said.

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