President Bola Ahmed Tinubu has urged the Nigeria Liquefied Natural Gas (NLNG) to maximise the country’s gas resources by reducing gas flaring and converting the environmental challenge into economic benefits for Nigerians.
Tinubu made the call on Wednesday at the State House in Abuja while receiving the NLNG Board, led by its Managing Director and Chief Executive Officer, Adeleye Falade.
The President commended the company for expanding its capacity and improving its revenue, but stressed the need to prioritise domestic utilisation of gas and ensure Nigerians benefit from the country’s energy resources.
He assured the NLNG management of his administration’s readiness to provide incentives that would support further investment, growth and expansion.
Falade told the President that NLNG had generated more than $150 billion since inception, with its shareholders, including Nigeria, receiving about $47 billion in dividends. The Federal Government holds a 49 per cent stake in the company.
He explained that NLNG had previously operated at about 60 per cent capacity due to low crude oil production, limiting operations to four of its six available trains. However, increased oil production has enabled the company to raise output to five trains.
Falade added that Train Seven, when completed, would increase NLNG’s capacity by 35 per cent, while the company currently accounts for about five per cent of global LNG supply.
He also disclosed that all of NLNG’s LPG, or cooking gas, production is currently directed to the domestic market.
The NLNG chief executive further informed Tinubu that the Bonny-Bodo Road and Bridge project, funded by the company, had been completed and was awaiting official commissioning.
He commended the security agencies and industry regulators for contributing to the stability in the oil and gas sector, which he said was encouraging fresh investments.
