President Bola Tinubu, has given his support to the $5 billion floating Liquefied Natural Gas (LNG) project to be established in the country.
The President threw his weight behind the project when a group of joint venture partners made up of UTM FLNG, TECHNIP Energies and JGC Corporation visited him in the Presidential Villa.
Leader of the delegation and Group Managing Director of UTM FLNG, Julius Rone, told state House correspondents that the multi-floating LNGs are being implemented with a $5 billion loan from AFRIEXIM Bank.
He said President 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.
Mr Rone said 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 project that would contribute to decarbonisation and it is expected to come in stream in the first quarter of 2026.
