President Bola Ahmed Tinubu has urged the management of Nigeria Liquefied Natural Gas to maximise the benefits Nigeria derives from its gas reserves rather than allowing them to be flared, speaking when he received the NLNG Board led by Managing Director Adeleye Falade at the State House.
Tinubu pressed the team to focus on domestic utilisation, converting the environmental liability of gas flaring into strategic and economic benefit for Nigerian consumers, while commending the company for growing its capacity and delivering strong returns on investment.
Falade told the President that NLNG has generated over $150 billion since inception, with shareholders including Nigeria, which holds a 49 per cent stake, receiving about $47 billion in dividends. He said the company had been operating at roughly 60 per cent capacity due to constraints in domestic crude production, using only four of six trains, but improved oil output has pushed capacity to five trains, with all LPG production now concentrated on the domestic market.
Falade said NLNG is keen to inaugurate Train Seven, which would boost capacity by 35 per cent, and noted that shareholders have praised the stability of Nigeria’s fiscal environment for attracting fresh investment. He also informed the President that construction of the Bonny Bodo Road and Bridge project, financed by NLNG, has been completed and awaits official commissioning.
Tinubu assured the team he would do whatever is within his power to incentivise the company to expand its potential for the benefit of Nigerians, stressing that oil and gas assets mean nothing unless they are brought up to service the economy and the ordinary citizen.
By Asiwaju Adekunle Saheed
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