President Bola Ahmed Tinubu has urged the Nigeria LNG Limited (NLNG) to intensify efforts to curb gas flaring and convert the country’s gas resources into greater economic benefits for Nigerians…
President Bola Ahmed Tinubu has urged the Nigeria LNG Limited (NLNG) to intensify efforts to curb gas flaring and convert the country’s gas resources into greater economic benefits for Nigerians.
The President made the call on Wednesday when the NLNG Board, led by its Managing Director and Chief Executive Officer, Adeleye Falade, briefed him at the State House, Abuja.
Tinubu commended NLNG for increasing its operational capacity and generating significant returns for its shareholders, but said greater attention must be paid to the domestic utilisation of the country’s gas resources.
“My major concern is the domestic utilisation, where you must be able to take out the flaring and convert potential environmental liability to what could be strategically and economically beneficial to the consumers in the country,” he said.
The President said Nigeria’s natural resources would have little value unless they were effectively harnessed to support economic development and improve the lives of citizens.
He also pledged to provide any necessary incentives to enable NLNG to expand its capacity and maximise its potential.
“I believe that this country has what it takes; but whatever asset that we have in the ground is nothing unless it’s brought up to service the economy, the people, and realisation of a good return on investment,” Tinubu said.
The President further urged the company to consider the needs of Nigerians, particularly the domestication of energy requirements and pricing mechanisms that would make energy more accessible to ordinary citizens.
Earlier, Falade said NLNG had generated more than $150 billion since inception, with its shareholders, including the Federal Government, receiving about $47 billion in dividends. Nigeria holds a 49 per cent stake in the company.
He said NLNG had previously operated at about 60 per cent capacity due to inadequate crude oil production, which limited operations to four of its six available production trains.
According to him, increased crude oil production following positive developments in the oil and gas sector has enabled the company to raise its operating capacity to five trains, with further improvements expected.
Falade said the company was also preparing to inaugurate Train Seven, which is expected to increase its capacity by 35 per cent. NLNG currently accounts for about five per cent of the global LNG market.
He added that all of NLNG’s LPG, commonly known as cooking gas, was currently dedicated to the domestic market.
The NLNG chief executive also said shareholders had commended the stability in Nigeria’s fiscal environment, which he said was helping to attract fresh investments into the country.
He commended security agencies and regulators in the oil and gas sector for contributing to the improved operating environment.
Falade further disclosed that the Bonny-Bodo Road and Bridge project, financed by NLNG, had been completed and was awaiting official commissioning.
The NLNG delegation included Deputy Managing Director Olakunle Osobu; Board Director and Managing Director of TotalEnergies EP Nigeria Limited, Matthieu Bouyer; Board Director, Vice Chairman and Managing Director of Nigeria Agip Exploration, Maurizio Pinna; and General Manager, External Relations and Sustainable Development, Sophia Horsfall.
Minister of Information and National Orientation Mohammed Idris, Special Adviser to the President on Information and Strategy Bayo Onanuga, and Senior Special Assistant to the President on Energy Transition Yasmin Mohammed also attended the meeting.
