President Bola Tinubu, has pledged his support to the implementation of a $5bn floating Liquefied Natural Gas project planned to supply 40 per cent of the nation’s gas needs by year 2026.
Tinubu disclose his support for the project when he hosted a group of joint venture partners consisting of UTM FLNG, TECHNIP Energies and JGC Corporation at the Presidential Villa, Abuja.
Speaking with team head of the delegation and Group Managing Director of UTM FLNG, Julius Rone, at the end of the meeting, Rone also revealed that the multi-floating LNGs are being implemented with a $5bn loan from AFRIEXIM Bank.
The GMD revealed that, when completed, the plant would satisfy 40 per cent of Nigeria’s LPG needs by producing 300,000 tons annually. It will also provide 7,000 direct jobs for citizens.
He noted that this would be the first time in Nigeria that an indigenous company is involved in such a project that would help in decarbonisation.
According to him, it would be the first floating LNG project in Nigeria and is expected to come on stream in 2026.
