President Bola Ahmed Tinubu has urged the Nigeria Liquefied Natural Gas (NLNG) to intensify efforts to harness Nigeria’s gas resources, particularly by reducing gas flaring and expanding domestic utilisation to deliver greater economic benefits to Nigerians.
Tinubu made the call on Wednesday at the State House in Abuja while receiving the NLNG Board, led by its Managing Director and Chief Executive Officer, Adeleye Falade.
The President commended the company for improving its operational capacity and generating returns on investment but stressed that Nigeria must derive greater value from its natural gas resources.
He urged the NLNG to convert gas currently being flared, which poses environmental challenges, into useful energy and economic opportunities for consumers and businesses in the country.
Tinubu also called for greater attention to domestic energy needs, including affordable pricing and increased availability of cooking gas, assuring the company of government support and incentives to expand its operations.
Falade said the visit was to brief the President on the company’s operations since the current management assumed office in April.
He disclosed that NLNG had generated more than $150 billion since inception, with shareholders receiving about $47 billion in dividends, while the Federal Government holds a 49 per cent stake in the company.
Falade said NLNG had previously operated at about 60 per cent capacity due to insufficient crude oil production, limiting operations to four of its six available production trains.
However, increased oil production has enabled the company to raise operations to five trains, with further improvements expected.
He said the company was preparing to inaugurate Train 7, which is expected to increase NLNG’s production capacity by about 35 per cent and strengthen Nigeria’s position in the global LNG market, where it currently accounts for about five per cent.
Falade also disclosed that all of NLNG’s liquefied petroleum gas (LPG) production is currently directed to the domestic market, supporting efforts to improve access to cooking gas.
He commended the government’s fiscal stability, as well as security agencies and industry regulators, saying the improved environment was helping to attract investment into the oil and gas sector.
The NLNG chief executive further announced that the Bonny-Bodo Road and Bridge project, financed by the company, had been completed and was awaiting official commissioning.
Tinubu assured the NLNG management of continued government support to maximise Nigeria’s gas potential and ensure that the country’s natural resources translate into greater economic value, improved energy access and better living conditions for Nigerians.
