President Bola Ahmed Tinubu has officially endorsed Nigeria’s first floating liquefied natural gas (FLNG) project, spearheaded by UTM Offshore, an indigenous company.
During a meeting with UTM Offshore, Technip Energies, JGC Corporation, and the ambassadors of France and Japan on Wednesday, Tinubu expressed his full support for the completion of a $5 billion gas project.
The FLNG facility aims to produce 300,000 tons of liquefied petroleum gas (LPG) annually and generate 7,000 direct jobs.
UTM Offshore Group Managing Director, Julius Rone revealed that a $5 billion loan has been secured from the African Export-Import Bank (Afreximbank) to facilitate the project’s implementation, with an expected launch in the first quarter of 2026.
UTM Offshore had previously signed a front-end engineering design (FEED) agreement with Technip Energies, KBR, and JGC Corporation in London on November 11, 2022.
The FLNG facility, located 60 kilometres off the coast of Akwa Ibom State, is currently undergoing development, design, and construction.
Tinubu acknowledged the abundance of gas resources in Nigeria and emphasized the importance of partnerships like this in promoting growth within the extractive industry.
He emphasized that it is imperative for governments to support such endeavours.