1. Babs Omotowa
Currently
Managing Director/CEO, Nigeria LNG Limited
Vice President of Bonny Gas Transport Limited.
Previously
Vice President, Shell companies in Sub-Sahara Africa
Director of the Shell Petroleum Development Company
Director of the West Africa Gas Pipeline Company.
Nigeria: In need of dreamers, of a certain kind
Mr. Babs Omotowa
MD/CEO
Nigeria LNG Limited
2. Nigeria – Realities and myths
Realities
Huge untapped
Potentials
• Oil (10th largest proven
reserve with 37bln barrels)
•
Myths
Nigerians believe
they are special
Gas (187 tcf proven and
600 tcf probable)
•
Agriculture (775k sq.km
arable land , 85% of land
area )
•
Nigeria was a mistake
Power (current production
4500MW, need 200,000MW)
•
Real estate (17million
deficit)
Huge market
• 169m people
Unlimited possibilities
• Infrastructure
• Job creation
Nigeria, a mere
geographical expression
Nigerians show individual
brilliance but lacking in
political leadership
2
10. Actualizing the dream of transformation
Developing country
Developed country
Personal/Political
interest
Sustainable
development
Weak governance
Strong institutional framework
(based on local perspective)
National interest
Strong
governance
Weak
infrastructure
High
accountability
Poverty issues
Academic research
Benchmark data
11. Nigeria – the investment prospect
Sector
Sector
•
•
•
Oil and
gas
Provide Oil reserves = 37.2 bln barrels
Proven natural gas reserve = 187tcf
Unproven natural gas reserve = 600tcf
•
Banking
•
Foreign remittance of $21bln in 2013 by
Nigerians in diaspora
$57.4bln spent on importation from Jul
2012 – July 2013
•
•
Agricul
ture
Power
Nigeria is importing what it can produce
in abundance
$2.3bln annually on imported rice
$8.1bln annually on other imported
basic items like wheat, sugar and fish.
•
•
•
•
•
•
$21.9bln to power Generators annually
$119m annually on generator imports
Current production : 4,500MW
Current demand : 200,000MW
•
•
Real
estate
Mining
The housing deficit currently stands at
17 million units
Additional 2 million units demand
added each year.
$372bln required to alleviate deficit
•
•
•
•
•
Contribute only 0.63% to GDP
Iron ore – 3 bln MT deposits
Gypsum – 1 bln MT deposits
Coal – 3 bln MT deposits
Bitumen – 42 bln MT deposits
•
11
12. Nigeria LNG – An inspiration from Nigeria
4% Nigeria GDP $13bln Asset base $80bln Revenue (since 1999) 3000 LNG cargo delivered
97% asset reliability
World’s 4th largest LNG plant
12
100% Nigerian MGT team