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BusinessDay: $2bn Untapped in Nigerian Ship & Oil Rig Repair Sector

Empty repair docks in Nigerian ports mean the ship repair industry is missing out on up to $2bn

BusinessDay released an interesting report today, stating that Nigeria is not making the most of its capability to repair ships and rigs due to a “skills gap” and fear over the security of the surrounding waterways. Nigeria is the heart of West Africa’s maritime and oil market, and with the correct investment, could go on to make huge profits. Here’s a snippet of the article…

In 2012, over 100 rigs with billions of dollars worth of business were taken out of Africa for repairs, which is a huge loss for the continent.

Analysts say that the business as a key employment driver, has the potential to create about 10,000 direct jobs and 5,000 indirect job opportunities, in line with the Local Content Act. This is only if Nigeria as the hub of maritime business in the west coast of Africa can invest significantly in developing more ship and oil rig repair and maintenance facilities.

It is not only the maritime and oil industry that will benefit from the investment in these repair facilities. The “indirect jobs” that the article mentions include educational opportunities, benefits for the steel industry and the insurance sector.

To read the full article, please click here.