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HomeBusinessPresident Tinubu pledges support for $5 bln floating LNG project

President Tinubu pledges support for $5 bln floating LNG project

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President Bola Tinubu on Wednesday said his administration will provide support for the implementation of a $5 billion floating Liquefied Natural Gas (LNG) project in the country.

The President gave the backing on Wednesday when he received a group of joint venture partners made up of UTM FLNG, TECHNIP Energies and JGC Corporation in his office at the State House, Abuja.

Addressing newsmen after the meeting with the president, leader of the delegation and Group Managing Director (GMD) of UTM FLNG, Julius Rone, disclosed that the multi-floating LNGs are being implemented with a $5 billion loan from AFRIEXIM Bank.

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According to him, President Tinubu has assured that his administration would provide full support for the project because it fits into his programme to revive the economy and provide more jobs.

Rone revealed that the project had the capacity to produce 300,000 tons of Liquefied Petroleum Gas (LPG) per year and would provide 7,000 direct jobs for Nigerians.

He said it was the first time in Nigeria that an indigenous company would be involved in such project that would contribute to decarbonization.

Rone added that the floating LNG project which is the first in Nigeria is expected to come on stream in the first quarter of 2026.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138

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