Tinubu backs $5bn floating LNG project

President Bola Ahmed Tinubu on Wednesday backed the implementation of a $5 billion floating Liquefied Natural Gas (LNG) project in the country.

The president gave the support when he received a group of joint venture partners made up of UTM FLNG, TECHNIP Energies and JGC Corporation in his office at the Presidential Villa, Abuja.

Speaking to State House reporters after the meeting, 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.

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He said President Tinubu had 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 said the project has the capacity to produce 300,000 tons of LPG per year and would provide 7,000 direct jobs for Nigerians.

He added that 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 expected to come on stream in the first quarter of 2026.