President Bola Tinubu has pledged his support for the groundbreaking development of a $5 billion Floating Liquefied Natural Gas (FLNG) project, marking a significant milestone for the country. This initiative, which is the first of its kind in Nigeria, received President Tinubu’s assurance during a meeting with joint venture partners UTM FLNG, TECHNIP Energies, and JGC Corporation at the Presidential Villa in Abuja.
The delegation, accompanied by the French Ambassador to Nigeria, Ms Emmanuelle Blatmann, and the Japanese Deputy Ambassador to Nigeria, Ms Hiromi Otuski, presented their plans to President Tinubu. JGC Corporation and Technip Energies represent French and Japanese interests, respectively.
After the meeting, Julius Rone, the leader of the delegation and the Group Managing Director (GMD) of UTM FLNG, expressed that the project will be financed through a $5 billion loan from AFRIEXIM Bank. He emphasized President Tinubu’s commitment to providing full support for the project, aligning with his vision to stimulate economic revival and job creation.
Projected to commence operations in the first quarter of 2026, the FLNG project has the capacity to produce 300,000 tons of Liquefied Petroleum Gas (LPG) annually and is expected to generate 7,000 direct job opportunities for Nigerians. This initiative marks a significant milestone as it involves the participation of an indigenous African company in a project contributing to decarbonization efforts.
Rone expressed excitement about the project and highlighted the exceptional support received from President Tinubu. The President assured the delegation that every necessary resource and assistance required for the project’s success would be provided. He emphasized that no obstacles would hinder the project’s delivery, and any challenges encountered should be promptly communicated through the Chief of Staff and other officials working closely with him.
Rone concluded by affirming that the project would serve as a lasting legacy under the Tinubu administration, playing a vital role in revitalizing the nation’s economy, rejuvenating the productive sector, creating employment opportunities, and mitigating the adverse effects of environmental pollution.
With the backing of President Tinubu and the collaborative efforts of all stakeholders involved, the FLNG project is set to transform Nigeria’s energy landscape and make significant contributions to the country’s sustainable development.