Unrelenting attacks by militants and the consequent closure of terminals for repairs is taking a toll on economic activities in some of Nigeria’s oil producing states as thousands of local service contractors, vendors, temporary oil workers and ancillary service providers now idle away on account of shutting down of the terminals.
This is having a telling effect on local businesses which have shut down their operations, limiting tax revenue to the states, spiralling unemployment and leading to low capacity utilisation, as is the case with Marine Support Base Shipyard, where several new boats constructed by the company for the International Oil Companies (IOC) operations lie idle.
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