President Bola Tinubu has given his endorsement to the joint venture partnership of UTM FLNG, TECHNIP Energies, and JGC Corporation, French and Japanese firms respectively, to develop floating Liquified Natural Gas (LNG) in Nigeria.
During a meeting with the promoters of the project at the Presidential Villa in Abuja, President Tinubu expressed his full support for the initiative, citing its alignment with his administration’s goal of revitalizing the economy and creating employment opportunities.
The joint venture, backed by a $5 billion loan from AFRIEXIM Bank, aims to implement multiple floating LNGs in Nigeria. Julius Rone, the Group Managing Director (GMD) of UTM FLNG and leader of the delegation, emphasized that this project is groundbreaking for Nigeria as it marks the first time an indigenous company is involved in such an endeavor contributing to decarbonization efforts.
The project is expected to have an annual production capacity of 300,000 tons of LPG and is projected to generate 7,000 direct jobs for Nigerians.
Anticipated to be operational in the first quarter of 2026, it represents Nigeria’s inaugural floating LNG undertaking.
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