During a meeting with a group of joint venture partners, including UTM FLNG, TECHNIP Energies, and JGC Corporation, at the Presidential Villa in Abuja, Tinubu voiced his backing for the project.
Julius Rone, the Group Managing Director of UTM FLNG, who led the delegation, disclosed the details to State House Correspondents after the meeting.
Rone further revealed that the multi-floating LNGs are being financed through a $5 billion loan from AFRIEXIM Bank, eliminating financial obstacles ahead of the planned 2026 launch.
He emphasized that Tinubu assured the joint ventures of his administration's unwavering support for the project, as it aligns with his agenda to revitalize the economy and create more job opportunities.
"The President has guaranteed us his full support. He has stated that if we encounter any challenges in implementing this project, we should promptly report back to him through the Chief of Staff," explained Rone.
Once completed, the plant is expected to meet 40 percent of Nigeria's LPG (Liquefied Petroleum Gas) needs, with an annual production capacity of 300,000 tons. The project is set to generate 7,000 direct jobs for Nigerian citizens, marking a significant milestone for indigenous participation in such decarbonization initiatives.
This floating LNG project is the first of its kind in Nigeria and is scheduled to commence operations in the fourth quarter of 2026.
