Gas Supply: Tinubu endorses $5bn LNG floating project

…Targets 300,000 tons of LPG annually

…Project to kickoff in 2026

…Estimated 7,000 direct jobs expected

President Bola Tinubu, has given an endorsement to the implementation of a $5billion floating Liquefied Natural Gas (LNG) project expected to supply 40 per cent of the nation’s gas needs by Q4 2026, Nigerian NewsDirect has learnt.

The project is also expected to produce 300,000 tons LPG annually, and is estimated to provide no less than 7,000 direct jobs, as part of efforts to revamp the Country’s economy.

Reports revealed the President gave his endorsement on Wednesday, when he received a group of joint venture partners consisting of UTM FLNG, TECHNIP Energies and JGC Corporation at the Presidential Villa, Abuja.

Addressing State House Correspondents at the end of the meeting, Leader of the delegation and Group Managing Director of UTM FLNG, Julius Rone, disclosed that the multi-floating LNGs are being implemented with a $5bn loan from AFRIEXIM Bank.

According to him, the loan removes financing obstacles ahead of the 2026 kickoff.

Stressing that this would be the first time in Nigeria that an indigenous company is involved in such a project that would help in decarbonisation, he added that it would be the first floating LNG project in Nigeria and is expected to come on stream in Q4 2026.

He noted that Tinubu assured the ventures involved of his administration’s commitment to fully support the project explaining that it aligns with his programme to revive the economy and provide more jobs.

”The President has assured us of his full support. And he has said that if we encounter any obstacle to the implementation of this project, we should not hesitate to report back to him through the Chief of Staff,” Rone was quoted.

According to him, when completed, the plant would satisfy 40 per cent of Nigeria’s LPG needs by producing 300,000 tons annually and  will also provide 7,000 direct jobs for Nigerians.