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Tinubu endorses $5bn, 7,000 jobs LNG project, meets team

Tinubu endorses $5bn, 7,000 jobs LNG project, meets team

By Admin
President Bola Ahmed Tinubu Recieves in Audience the Group Managing Director of UTM FLNG Ltd, Mr Julius Rone at the State House. He is accompanied by Ms Emmanuelle Blatmann, The Ambassador of France to Nigeria, Ms Hiromi Otuski Deputy Ambassador for Japan to Nigeria, Mr Naoki Noguchi, MD JGC, Mr Sadeeq Mai Bornu (Project Advisor)

President Bola Tinubu has endorsed the implementation of a $5 billion floating Liquefied Natural Gas (LNG) project in Nigeria.

The President gave his blessing to the mega project 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.

Leader of the delegation and Group Managing Director (GMD) of UTM FLNG, Julius Rone, told journalists shortly after meeting with the President that the multi-floating LNGs are being implemented with a $5 billion loan from AFRIEXIM Bank.

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.

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 of the environment.

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