Tinubu backs $5 billions floating LNG project.

President Bola Tinubu, on Wednesday, gave his support to the $5 billion floating Liquefied Natural Gas (LNG) project to be established in the country.

The President gave the backing when he received in his office, at the Presidential Villa, Abuja, a group of joint venture partners made up of UTM FLNG, TECHNIP Energies and JGC Corporation.

Briefing State House correspondents at the end of the meeting with the President, leader of the delegation and Group Managing Director (GMD) of UTM FLNG, Julius Rone, disclosed that the multi-floating LNGs are being implemented with a $5 billion loan from AFRIEXIM Bank.

He said 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.

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.

According to him, it would be the first floating LNG project in Nigeria and expected to come on stream in the first quarter of 2026

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