Tinubu backs $5bn LNG floating project ahead of 2026 kickoff

PRESIDENT Bola Tinubu, has backed the implementation of a $5bn floating Liquefied Natural Gas project expected to supply 40 per cent of the nation’s gas needs by Q4 2026.

The President gave his backing 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.

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

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

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

He said, “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 noted that, when completed, the plant would satisfy 40 per cent of Nigeria’s LPG needs by producing 300,000 tons annually. It will also provide 7,000 direct jobs for citizens.

He noted that this would be the first time in Nigeria that an indigenous company is involved in such a project that would help in decarbonisation.

The GMD said it would be the first floating LNG project in Nigeria and is expected to come on stream in Q4 2026.