A former Nigerian Chapter President of the African Shipowners Association, Captain Ladi Olubowale, has said that although Nigeria is Africa’s largest oil and gas producer, a significant share of the country’s essential maritime support services is still handled by foreign-owned fleets.Olubowale, who is also the Group Managing Director and Chief Executive Officer of Seamate Maritime Integrated Services Limited, made this observation in a recent statement obtained byThe PUNCH.He explained that while Nigeria earns revenue from its natural resources, a significant share of the logistics, charter hire, marine services, technical management and offshore transportation revenues leaves the economy.According to him, every offshore energy project depends on ships, adding that before the first molecule of gas is exported, vessels are already at work transporting equipment, supporting offshore construction, delivering supplies, transferring personnel, protecting offshore assets, conducting inspections, responding to emergencies and maintaining continuous operations.“Without ships, offshore energy production stops. Yet despite Nigeria’s position as Africa’s leading oil and gas producer, much of this critical maritime support continues to be provided by foreign-owned fleets. This means that while Nigeria earns revenue from its natural resources, a significant share of the logistics, charter hire, marine services, technical management, and offshore transportation revenues leaves our economy.In economic terms, we continue to export commodities while importing capabilities. That model is no longer sustainable,” Olubowale said.He maintained that the UTM FLNG Project should not simply be viewed as an LNG facility; rather, it should become the anchor project for Nigeria’s maritime industrial transformation. Every successful maritime nation understands one principle.“The UTM Offshore Floating Liquefied Natural Gas Project, Nigeria’s first indigenous-led FLNG development, is rightly celebrated as a landmark investment. It will monetise stranded gas resources, increase LNG exports, create jobs, strengthen government revenues, and reinforce Nigeria’s position in the global energy market,” he stressed.Olubowale, who serves as the United Kingdom Ambassador of the International Seafarers’ Welfare and Assistance Network, said the UTM FLNG Project offers Nigeria a rare opportunity to reshape its maritime economy, deepen indigenous shipping capacity, and retain billions of naira in economic value that has traditionally gone to foreign operators.Related NewsAgents seek Maritime Fund support for fleet renewalPIA permits Dangote’s dollar fuel sales – RegulatorPoverty threatens 79% of Nigerians despite reforms – World BankHe stressed that the UTM Offshore FLNG Project should launch Nigeria’s maritime industrial revolution.He mentioned that Norway did not become a global maritime powerhouse simply because it discovered offshore oil; rather, it deliberately built Norwegian-owned offshore service companies, engineering firms, maritime financial institutions, ship management expertise and highly skilled seafarers.Olubowale mentioned that Qatar did not become one of the world’s leading LNG exporters by producing gas alone; it invested heavily in Nakilat, one of the world’s largest LNG shipping companies, ensuring that transport became an integral part of national value creation.“Singapore built one of the world’s strongest economies without significant natural resources by mastering shipping, ports, finance, and logistics. These countries understood that controlling maritime logistics is not merely about ships; it is about economic sovereignty. Nigeria must embrace the same vision,” he stated.He highlighted that Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries, stressing that gas alone will not transform the economy.“Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. Olubowale, who is also the Group Managing Director and Chief Executive Officer of Seamate Maritime Integrated Services Limited, made this observation in a recent statement obtained byThe PUNCH.He explained that while Nigeria earns revenue from its natural resources, a significant share of the logistics, charter hire, marine services, technical management and offshore transportation revenues leaves the economy.According to him, every offshore energy project depends on ships, adding that before the first molecule of gas is exported, vessels are already at work transporting equipment, supporting offshore construction, delivering supplies, transferring personnel, protecting offshore assets, conducting inspections, responding to emergencies and maintaining continuous operations.“Without ships, offshore energy production stops. Yet despite Nigeria’s position as Africa’s leading oil and gas producer, much of this critical maritime support continues to be provided by foreign-owned fleets. This means that while Nigeria earns revenue from its natural resources, a significant share of the logistics, charter hire, marine services, technical management, and offshore transportation revenues leaves our economy.In economic terms, we continue to export commodities while importing capabilities. That model is no longer sustainable,” Olubowale said.He maintained that the UTM FLNG Project should not simply be viewed as an LNG facility; rather, it should become the anchor project for Nigeria’s maritime industrial transformation. Every successful maritime nation understands one principle.“The UTM Offshore Floating Liquefied Natural Gas Project, Nigeria’s first indigenous-led FLNG development, is rightly celebrated as a landmark investment. It will monetise stranded gas resources, increase LNG exports, create jobs, strengthen government revenues, and reinforce Nigeria’s position in the global energy market,” he stressed.Olubowale, who serves as the United Kingdom Ambassador of the International Seafarers’ Welfare and Assistance Network, said the UTM FLNG Project offers Nigeria a rare opportunity to reshape its maritime economy, deepen indigenous shipping capacity, and retain billions of naira in economic value that has traditionally gone to foreign operators.Related NewsAgents seek Maritime Fund support for fleet renewalPIA permits Dangote’s dollar fuel sales – RegulatorPoverty threatens 79% of Nigerians despite reforms – World BankHe stressed that the UTM Offshore FLNG Project should launch Nigeria’s maritime industrial revolution.He mentioned that Norway did not become a global maritime powerhouse simply because it discovered offshore oil; rather, it deliberately built Norwegian-owned offshore service companies, engineering firms, maritime financial institutions, ship management expertise and highly skilled seafarers.Olubowale mentioned that Qatar did not become one of the world’s leading LNG exporters by producing gas alone; it invested heavily in Nakilat, one of the world’s largest LNG shipping companies, ensuring that transport became an integral part of national value creation.“Singapore built one of the world’s strongest economies without significant natural resources by mastering shipping, ports, finance, and logistics. These countries understood that controlling maritime logistics is not merely about ships; it is about economic sovereignty. Nigeria must embrace the same vision,” he stated.He highlighted that Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries, stressing that gas alone will not transform the economy.“Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. He explained that while Nigeria earns revenue from its natural resources, a significant share of the logistics, charter hire, marine services, technical management and offshore transportation revenues leaves the economy.According to him, every offshore energy project depends on ships, adding that before the first molecule of gas is exported, vessels are already at work transporting equipment, supporting offshore construction, delivering supplies, transferring personnel, protecting offshore assets, conducting inspections, responding to emergencies and maintaining continuous operations.“Without ships, offshore energy production stops. Yet despite Nigeria’s position as Africa’s leading oil and gas producer, much of this critical maritime support continues to be provided by foreign-owned fleets. This means that while Nigeria earns revenue from its natural resources, a significant share of the logistics, charter hire, marine services, technical management, and offshore transportation revenues leaves our economy.In economic terms, we continue to export commodities while importing capabilities. That model is no longer sustainable,” Olubowale said.He maintained that the UTM FLNG Project should not simply be viewed as an LNG facility; rather, it should become the anchor project for Nigeria’s maritime industrial transformation. Every successful maritime nation understands one principle.“The UTM Offshore Floating Liquefied Natural Gas Project, Nigeria’s first indigenous-led FLNG development, is rightly celebrated as a landmark investment. It will monetise stranded gas resources, increase LNG exports, create jobs, strengthen government revenues, and reinforce Nigeria’s position in the global energy market,” he stressed.Olubowale, who serves as the United Kingdom Ambassador of the International Seafarers’ Welfare and Assistance Network, said the UTM FLNG Project offers Nigeria a rare opportunity to reshape its maritime economy, deepen indigenous shipping capacity, and retain billions of naira in economic value that has traditionally gone to foreign operators.Related NewsAgents seek Maritime Fund support for fleet renewalPIA permits Dangote’s dollar fuel sales – RegulatorPoverty threatens 79% of Nigerians despite reforms – World BankHe stressed that the UTM Offshore FLNG Project should launch Nigeria’s maritime industrial revolution.He mentioned that Norway did not become a global maritime powerhouse simply because it discovered offshore oil; rather, it deliberately built Norwegian-owned offshore service companies, engineering firms, maritime financial institutions, ship management expertise and highly skilled seafarers.Olubowale mentioned that Qatar did not become one of the world’s leading LNG exporters by producing gas alone; it invested heavily in Nakilat, one of the world’s largest LNG shipping companies, ensuring that transport became an integral part of national value creation.“Singapore built one of the world’s strongest economies without significant natural resources by mastering shipping, ports, finance, and logistics. These countries understood that controlling maritime logistics is not merely about ships; it is about economic sovereignty. Nigeria must embrace the same vision,” he stated.He highlighted that Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries, stressing that gas alone will not transform the economy.“Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. According to him, every offshore energy project depends on ships, adding that before the first molecule of gas is exported, vessels are already at work transporting equipment, supporting offshore construction, delivering supplies, transferring personnel, protecting offshore assets, conducting inspections, responding to emergencies and maintaining continuous operations.“Without ships, offshore energy production stops. Yet despite Nigeria’s position as Africa’s leading oil and gas producer, much of this critical maritime support continues to be provided by foreign-owned fleets. This means that while Nigeria earns revenue from its natural resources, a significant share of the logistics, charter hire, marine services, technical management, and offshore transportation revenues leaves our economy.In economic terms, we continue to export commodities while importing capabilities. That model is no longer sustainable,” Olubowale said.He maintained that the UTM FLNG Project should not simply be viewed as an LNG facility; rather, it should become the anchor project for Nigeria’s maritime industrial transformation. Every successful maritime nation understands one principle.“The UTM Offshore Floating Liquefied Natural Gas Project, Nigeria’s first indigenous-led FLNG development, is rightly celebrated as a landmark investment. It will monetise stranded gas resources, increase LNG exports, create jobs, strengthen government revenues, and reinforce Nigeria’s position in the global energy market,” he stressed.Olubowale, who serves as the United Kingdom Ambassador of the International Seafarers’ Welfare and Assistance Network, said the UTM FLNG Project offers Nigeria a rare opportunity to reshape its maritime economy, deepen indigenous shipping capacity, and retain billions of naira in economic value that has traditionally gone to foreign operators.Related NewsAgents seek Maritime Fund support for fleet renewalPIA permits Dangote’s dollar fuel sales – RegulatorPoverty threatens 79% of Nigerians despite reforms – World BankHe stressed that the UTM Offshore FLNG Project should launch Nigeria’s maritime industrial revolution.He mentioned that Norway did not become a global maritime powerhouse simply because it discovered offshore oil; rather, it deliberately built Norwegian-owned offshore service companies, engineering firms, maritime financial institutions, ship management expertise and highly skilled seafarers.Olubowale mentioned that Qatar did not become one of the world’s leading LNG exporters by producing gas alone; it invested heavily in Nakilat, one of the world’s largest LNG shipping companies, ensuring that transport became an integral part of national value creation.“Singapore built one of the world’s strongest economies without significant natural resources by mastering shipping, ports, finance, and logistics. These countries understood that controlling maritime logistics is not merely about ships; it is about economic sovereignty. Nigeria must embrace the same vision,” he stated.He highlighted that Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries, stressing that gas alone will not transform the economy.“Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. “Without ships, offshore energy production stops. Yet despite Nigeria’s position as Africa’s leading oil and gas producer, much of this critical maritime support continues to be provided by foreign-owned fleets. This means that while Nigeria earns revenue from its natural resources, a significant share of the logistics, charter hire, marine services, technical management, and offshore transportation revenues leaves our economy.In economic terms, we continue to export commodities while importing capabilities. That model is no longer sustainable,” Olubowale said.He maintained that the UTM FLNG Project should not simply be viewed as an LNG facility; rather, it should become the anchor project for Nigeria’s maritime industrial transformation. Every successful maritime nation understands one principle.“The UTM Offshore Floating Liquefied Natural Gas Project, Nigeria’s first indigenous-led FLNG development, is rightly celebrated as a landmark investment. It will monetise stranded gas resources, increase LNG exports, create jobs, strengthen government revenues, and reinforce Nigeria’s position in the global energy market,” he stressed.Olubowale, who serves as the United Kingdom Ambassador of the International Seafarers’ Welfare and Assistance Network, said the UTM FLNG Project offers Nigeria a rare opportunity to reshape its maritime economy, deepen indigenous shipping capacity, and retain billions of naira in economic value that has traditionally gone to foreign operators.Related NewsAgents seek Maritime Fund support for fleet renewalPIA permits Dangote’s dollar fuel sales – RegulatorPoverty threatens 79% of Nigerians despite reforms – World BankHe stressed that the UTM Offshore FLNG Project should launch Nigeria’s maritime industrial revolution.He mentioned that Norway did not become a global maritime powerhouse simply because it discovered offshore oil; rather, it deliberately built Norwegian-owned offshore service companies, engineering firms, maritime financial institutions, ship management expertise and highly skilled seafarers.Olubowale mentioned that Qatar did not become one of the world’s leading LNG exporters by producing gas alone; it invested heavily in Nakilat, one of the world’s largest LNG shipping companies, ensuring that transport became an integral part of national value creation.“Singapore built one of the world’s strongest economies without significant natural resources by mastering shipping, ports, finance, and logistics. These countries understood that controlling maritime logistics is not merely about ships; it is about economic sovereignty. Nigeria must embrace the same vision,” he stated.He highlighted that Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries, stressing that gas alone will not transform the economy.“Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. In economic terms, we continue to export commodities while importing capabilities. That model is no longer sustainable,” Olubowale said.He maintained that the UTM FLNG Project should not simply be viewed as an LNG facility; rather, it should become the anchor project for Nigeria’s maritime industrial transformation. Every successful maritime nation understands one principle.“The UTM Offshore Floating Liquefied Natural Gas Project, Nigeria’s first indigenous-led FLNG development, is rightly celebrated as a landmark investment. It will monetise stranded gas resources, increase LNG exports, create jobs, strengthen government revenues, and reinforce Nigeria’s position in the global energy market,” he stressed.Olubowale, who serves as the United Kingdom Ambassador of the International Seafarers’ Welfare and Assistance Network, said the UTM FLNG Project offers Nigeria a rare opportunity to reshape its maritime economy, deepen indigenous shipping capacity, and retain billions of naira in economic value that has traditionally gone to foreign operators.Related NewsAgents seek Maritime Fund support for fleet renewalPIA permits Dangote’s dollar fuel sales – RegulatorPoverty threatens 79% of Nigerians despite reforms – World BankHe stressed that the UTM Offshore FLNG Project should launch Nigeria’s maritime industrial revolution.He mentioned that Norway did not become a global maritime powerhouse simply because it discovered offshore oil; rather, it deliberately built Norwegian-owned offshore service companies, engineering firms, maritime financial institutions, ship management expertise and highly skilled seafarers.Olubowale mentioned that Qatar did not become one of the world’s leading LNG exporters by producing gas alone; it invested heavily in Nakilat, one of the world’s largest LNG shipping companies, ensuring that transport became an integral part of national value creation.“Singapore built one of the world’s strongest economies without significant natural resources by mastering shipping, ports, finance, and logistics. These countries understood that controlling maritime logistics is not merely about ships; it is about economic sovereignty. Nigeria must embrace the same vision,” he stated.He highlighted that Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries, stressing that gas alone will not transform the economy.“Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. He maintained that the UTM FLNG Project should not simply be viewed as an LNG facility; rather, it should become the anchor project for Nigeria’s maritime industrial transformation. Every successful maritime nation understands one principle.“The UTM Offshore Floating Liquefied Natural Gas Project, Nigeria’s first indigenous-led FLNG development, is rightly celebrated as a landmark investment. It will monetise stranded gas resources, increase LNG exports, create jobs, strengthen government revenues, and reinforce Nigeria’s position in the global energy market,” he stressed.Olubowale, who serves as the United Kingdom Ambassador of the International Seafarers’ Welfare and Assistance Network, said the UTM FLNG Project offers Nigeria a rare opportunity to reshape its maritime economy, deepen indigenous shipping capacity, and retain billions of naira in economic value that has traditionally gone to foreign operators.Related NewsAgents seek Maritime Fund support for fleet renewalPIA permits Dangote’s dollar fuel sales – RegulatorPoverty threatens 79% of Nigerians despite reforms – World BankHe stressed that the UTM Offshore FLNG Project should launch Nigeria’s maritime industrial revolution.He mentioned that Norway did not become a global maritime powerhouse simply because it discovered offshore oil; rather, it deliberately built Norwegian-owned offshore service companies, engineering firms, maritime financial institutions, ship management expertise and highly skilled seafarers.Olubowale mentioned that Qatar did not become one of the world’s leading LNG exporters by producing gas alone; it invested heavily in Nakilat, one of the world’s largest LNG shipping companies, ensuring that transport became an integral part of national value creation.“Singapore built one of the world’s strongest economies without significant natural resources by mastering shipping, ports, finance, and logistics. These countries understood that controlling maritime logistics is not merely about ships; it is about economic sovereignty. Nigeria must embrace the same vision,” he stated.He highlighted that Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries, stressing that gas alone will not transform the economy.“Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. “The UTM Offshore Floating Liquefied Natural Gas Project, Nigeria’s first indigenous-led FLNG development, is rightly celebrated as a landmark investment. It will monetise stranded gas resources, increase LNG exports, create jobs, strengthen government revenues, and reinforce Nigeria’s position in the global energy market,” he stressed.Olubowale, who serves as the United Kingdom Ambassador of the International Seafarers’ Welfare and Assistance Network, said the UTM FLNG Project offers Nigeria a rare opportunity to reshape its maritime economy, deepen indigenous shipping capacity, and retain billions of naira in economic value that has traditionally gone to foreign operators.Related NewsAgents seek Maritime Fund support for fleet renewalPIA permits Dangote’s dollar fuel sales – RegulatorPoverty threatens 79% of Nigerians despite reforms – World BankHe stressed that the UTM Offshore FLNG Project should launch Nigeria’s maritime industrial revolution.He mentioned that Norway did not become a global maritime powerhouse simply because it discovered offshore oil; rather, it deliberately built Norwegian-owned offshore service companies, engineering firms, maritime financial institutions, ship management expertise and highly skilled seafarers.Olubowale mentioned that Qatar did not become one of the world’s leading LNG exporters by producing gas alone; it invested heavily in Nakilat, one of the world’s largest LNG shipping companies, ensuring that transport became an integral part of national value creation.“Singapore built one of the world’s strongest economies without significant natural resources by mastering shipping, ports, finance, and logistics. These countries understood that controlling maritime logistics is not merely about ships; it is about economic sovereignty. Nigeria must embrace the same vision,” he stated.He highlighted that Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries, stressing that gas alone will not transform the economy.“Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. Olubowale, who serves as the United Kingdom Ambassador of the International Seafarers’ Welfare and Assistance Network, said the UTM FLNG Project offers Nigeria a rare opportunity to reshape its maritime economy, deepen indigenous shipping capacity, and retain billions of naira in economic value that has traditionally gone to foreign operators.Related NewsAgents seek Maritime Fund support for fleet renewalPIA permits Dangote’s dollar fuel sales – RegulatorPoverty threatens 79% of Nigerians despite reforms – World BankHe stressed that the UTM Offshore FLNG Project should launch Nigeria’s maritime industrial revolution.He mentioned that Norway did not become a global maritime powerhouse simply because it discovered offshore oil; rather, it deliberately built Norwegian-owned offshore service companies, engineering firms, maritime financial institutions, ship management expertise and highly skilled seafarers.Olubowale mentioned that Qatar did not become one of the world’s leading LNG exporters by producing gas alone; it invested heavily in Nakilat, one of the world’s largest LNG shipping companies, ensuring that transport became an integral part of national value creation.“Singapore built one of the world’s strongest economies without significant natural resources by mastering shipping, ports, finance, and logistics. These countries understood that controlling maritime logistics is not merely about ships; it is about economic sovereignty. Nigeria must embrace the same vision,” he stated.He highlighted that Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries, stressing that gas alone will not transform the economy.“Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. He stressed that the UTM Offshore FLNG Project should launch Nigeria’s maritime industrial revolution.He mentioned that Norway did not become a global maritime powerhouse simply because it discovered offshore oil; rather, it deliberately built Norwegian-owned offshore service companies, engineering firms, maritime financial institutions, ship management expertise and highly skilled seafarers.Olubowale mentioned that Qatar did not become one of the world’s leading LNG exporters by producing gas alone; it invested heavily in Nakilat, one of the world’s largest LNG shipping companies, ensuring that transport became an integral part of national value creation.“Singapore built one of the world’s strongest economies without significant natural resources by mastering shipping, ports, finance, and logistics. These countries understood that controlling maritime logistics is not merely about ships; it is about economic sovereignty. Nigeria must embrace the same vision,” he stated.He highlighted that Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries, stressing that gas alone will not transform the economy.“Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. He mentioned that Norway did not become a global maritime powerhouse simply because it discovered offshore oil; rather, it deliberately built Norwegian-owned offshore service companies, engineering firms, maritime financial institutions, ship management expertise and highly skilled seafarers.Olubowale mentioned that Qatar did not become one of the world’s leading LNG exporters by producing gas alone; it invested heavily in Nakilat, one of the world’s largest LNG shipping companies, ensuring that transport became an integral part of national value creation.“Singapore built one of the world’s strongest economies without significant natural resources by mastering shipping, ports, finance, and logistics. These countries understood that controlling maritime logistics is not merely about ships; it is about economic sovereignty. Nigeria must embrace the same vision,” he stated.He highlighted that Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries, stressing that gas alone will not transform the economy.“Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. Olubowale mentioned that Qatar did not become one of the world’s leading LNG exporters by producing gas alone; it invested heavily in Nakilat, one of the world’s largest LNG shipping companies, ensuring that transport became an integral part of national value creation.“Singapore built one of the world’s strongest economies without significant natural resources by mastering shipping, ports, finance, and logistics. These countries understood that controlling maritime logistics is not merely about ships; it is about economic sovereignty. Nigeria must embrace the same vision,” he stated.He highlighted that Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries, stressing that gas alone will not transform the economy.“Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. “Singapore built one of the world’s strongest economies without significant natural resources by mastering shipping, ports, finance, and logistics. These countries understood that controlling maritime logistics is not merely about ships; it is about economic sovereignty. Nigeria must embrace the same vision,” he stated.He highlighted that Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries, stressing that gas alone will not transform the economy.“Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. He highlighted that Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries, stressing that gas alone will not transform the economy.“Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. “Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity. Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he stated.Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. Speaking further, Olubowale pointed out that the Cabotage Vessels Financing Fund should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships.“For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. “For years, discussions around the CVFF have focused almost exclusively on vessel financing. That conversation must now evolve. The CVFF should be viewed as a strategic economic development instrument. Its purpose should not simply be to purchase ships. Its purpose should be to finance productive maritime assets linked to commercially viable projects with long-term demand. The UTM FLNG Project offers exactly such an opportunity. With predictable offshore logistics requirements extending over many years, it provides the commercial certainty needed by banks, investors, and indigenous shipowners. This is how successful maritime economies develop, not by financing vessels in isolation, but by connecting finance with guaranteed economic activity,” he said.The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market. The UTM Offshore Floating Liquefied Natural Gas Project is one of Nigeria’s flagship private-sector gas initiatives, aimed at monetising the country’s vast offshore natural gas reserves while expanding domestic participation in the global liquefied natural gas market.