Nigeria’s $5bn Floating LNG Project Gets Presidential Backing 

By Moses Patience Chat

President Bola Ahmed Tinubu on Wednesday supported the implementation of a $5 billion Floating Liquefied Natural Gas (FLNG) 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 Japan Gasoline  Corporation (JGC) in his office at the Presidential Villa, Abuja.

While speaking to State House reporters after the meeting, the leader of the delegation and Group Managing Director (GMD) of UTM Floating Liquefied Natural Gas (FLNG), Julius Rone, said the multi-floating LNGs are being implemented with a $5 billion loan obtained  from AFRIEXIM Bank.

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 noted that the project can produce 300,000 tons of Liquefied Petroleum Gas (LPG) per year and would provide 7,000 direct jobs for Nigerians.

He added that this will be the first time an indigenous company would be involved in such a 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.