By Abimbola Ogunnaike
President Bola Tinubu has backed the implementation of a $5bn Floating Liquefied Natural Gas (LNG) project in the country which will offers 7oo jobs for Nigerians.
The President gave the backing on Wednesday, 5 July, 2023 when he received a group of joint venture partners made up of UTM FLNG, TECHNIP Energies and JGC Corporation in his office, alongside Ambassadors of France and Japan to Nigeria.
Addressing State House correspondents after the meeting with the President, leader of the delegation and Group Managing Director of UTM FLNG, Julius Rone, said that a $5 billion loan has been signed with Afreximbank for the implementation of the project.
Rone, who conveyed the President’s stance, said the project has the capacity to generate 7,000 direct jobs and produce 300,000 tons of LPG every year.
The Group MD of UTM FLNG further disclosed that it is the first time in Nigeria that an indigenous company will be involved in such a project that would contribute to the decarbonisation efforts in Nigeria.
The first floating LNG project in Nigeria, according to Rone, is expected to come on stream by the first quarter of 2026.
