Tinubu promises to support $5bn floating LNG production plant

According to President Bola Tinubu, the construction of the nation’s first floating liquefied natural gas (FLNG) facility is something he will embrace.

At the presidential palace in Abuja, Tinubu offered the guarantee to a group of joint venture (JV) partners led by Julius Rone, group managing director of UTM FLNG.

The French ambassador to Nigeria, Emmanuella Blatmann, and the Japanese deputy ambassador to Nigeria, Hiromi Otuski, joined the delegates.

The project was actualized via the creation of UTM FLNG Limited, a special-purpose entity and a subsidiary of UTM Offshore Ltd.

The $5 billion FLNG project is expected to create 7,000 jobs and is set to commence in the fourth quarter (Q4) of 2026.

Speaking to journalists after the meeting, Rone said Tinubu directed them to contact him through Femi Gbajabiamila, his chief of staff, if they experienced any obstacles that might threaten the project’s completion deadline.

“We are developing the first floating LNG in Nigeria in conjunction with the Nigeria National Petroleum Company (NNPC). This is the first time an indigenous company from Africa is taking on such projects. We have just gotten one of the best days in our transaction,” he said.

“Mr. president has given us all the assurances and full support for this project. For us, we’re excited because Mr. president spoke very highly of the need to develop our gas resources and he believes in the floating LNG technology. And he assured us that there will be no stones left for us to deliver this project as planned and scheduled.

“So, we are happy that we secured Mr. president’s support for this project. And he assured us that anything that we will require to get this project off the ground, he will definitely give us 110 percent and my colleagues here can testify to that assurance that we got from Mr. president.

“Mr. president said there is no obstacle to hinder the delivery of this project. That we will have this project delivered is a must, not if we want to do it.”