President Bola Tinubu has supported the implementation of a $5 billion floating Liquefied Natural Gas (LNG) project in Nigeria.
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.
Group Managing Director (GMD) of UTM FLNG, Julius Rone, who conveyed the President’s stance, said the project has the capacity to generate 7,000 direct jobs and produce 300,000 tons of LPG annually and are being implemented with a $5 billion loan from AFRIEXIM Bank.
He further disclosed that it is the first time in Nigeria that an indigenous company will be involved in such a project that would contribute to the decarburization efforts in Nigeria.
According to him, 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.
The first floating LNG project in Nigeria, according to him, is expected to come on stream by the first quarter of 2026.