Tinubu gives approval to $5bn LNG floating project, targets 2026 kickoff

President Bola Tinubu, on Wednesday, gave approval to the implementation of a $5bn floating Liquefied Natural Gas project planned to supply 40 per cent of the nation’s gas needs by Quarter four (Q4) 2026.

Tinubu lent his support for the project when he received a group of joint venture partners consisting of UTM FLNG, TECHNIP Energies and JGC Corporation at the Presidential Villa, Abuja.

Leader of the delegation and Group Managing Director of UTM FLNG, Julius Rone, disclosed this to State House Correspondents at the end of the meeting, adding that the multi-floating LNGs are being implemented with a $5bn loan from AFRIEXIM Bank.

Rone also revealed that this removes financing obstacles ahead of the 2026 kickoff.

He hinted that Tinubu assured the ventures involved of his administration’s commitment to fully support the project because it aligns with his programme to revive the economy and provide more jobs.

In his words:  “The President has assured us of his full support. And he has said that if we encounter any obstacle to the implementation of this project, we should not hesitate to report back to him through the Chief of Staff.”

According to the Group Managing Director of UTM FLNG, when completed, the plant would satisfy 40 per cent of Nigeria’s LPG needs by producing 300,000 tons annually as well as provide 7,000 direct jobs for citizens.

He announced that this would be the first time in Nigeria that an indigenous company is involved in such a project that would help in decarbonisation.

He added that it would also be the first floating LNG project in Nigeria and is expected to come on stream in Q4 2026.