President Bola Tinubu has declared his support for the implementation of a $5 billion floating Liquefied Natural Gas (LNG) project in the country.
The President gave his backing to the project when he received a group of joint venture partners made up of UTM FLNG, TECHNIP Energies and JGC Corporation at the Presidential Villa, Abuja.
Addressing journalists 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.
He said President Tinubu 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.
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Rone explained that the project has the capacity to produce 300,000 tons of 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.
According to him, it would be the first floating LNG project in Nigeria and is expected to come on stream in the first quarter of 2026.
(Editor: Paul Akhagbemhe)
