President Bola Ahmed Tinubu has given his endorsement of the implementation of a $5 billion floating Liquefied Natural Gas (LNG) project in Nigeria in collaboration with foreign investors.
The presidential endorsement was made known on Wednesday when President Tinubu received a group of joint venture partners which comprised the UTM FLNG, TECHNIP Energies and JGC Corporation in his office at the Presidential Villa, Abuja.
Addressing the State House reporters after the meeting with the President, leader of the delegation and Group Managing Director (GMD) of UTM FLNG, Julius Rone, said the multi-floating LNGs are being implemented with a $5 billion loan from AFRIEXIM Bank.
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According to Mr Rone, President Tinubu had given his words that his administration would provide full support for the project because it fits into his programme to revive the economy and provide more jobs.
The project which was said to have the capacity to produce 300,000 tons of LPG per year was estimated to provide 7,000 direct jobs for Nigerians.
“It was the first time in Nigeria that an indigenous company would be involved in such project that would contribute to decarbonization,” Mr Rone stated.
Mr Rone also assured the project will serve as a legacy project under the Tinubu administration, noting its poise to revitalise the nation’s economy and the productive sector, create jobs and investment opportunities as well as save millions of Nigerians from the hazards of environmental pollution.
According to Rone, it would be the first floating LNG project in Nigeria and expected to come on stream in the first quarter of 2026.