President Bola Tinubu has pledged support for the implementation of a $5 billion floating Liquefied Natural Gas (LNG) project in the country.
Tinubu gave the backing on Wednesday 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.
Tinubu commended UTM FLNG Limited as well as its technical partners, Technip Energies of France, and its Japanese counterpart, JGC, for the initiative and partnership.
“Yes, we have abundance of gas on the ground. However, the extractive industry needs the injection of your kind of partnership to be able to promote growth.
“It is a must for any government to support. Let me know if there are any bottlenecks, we will break them,” he said.
The President applauded the conglomerate for the massive investment which, he said, would promote growth and protection of the environment.
Briefing Journalists after the meeting with the president, leader of the delegation and Group Managing Director (GMD) of UTM FLNG, Julius Rone, revealed that the multi-floating LNGs are being implemented with a $5 billion loan from AFRIEXIM Bank.
He said Tinubu has 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 revealed that the project has the capacity to produce 300,000 tons of LPG per year and would provide 7,000 direct jobs for Nigerians.
He said it was the first time in Nigeria that an indigenous company would be involved in such a project that would contribute to decarbonization.
