President Bola Ahmed Tinubu has urged the Nigeria Liquefied Natural Gas (NLNG) to maximise the country’s gas resources by reducing gas flaring and converting the environmental liability into economic benefits for Nigerians.
The President made the call on Wednesday at the State House in Abuja when he received members of the NLNG Board, led by its Managing Director and Chief Executive Officer, Engineer Adeleye Falade.
President Tinubu said greater emphasis should be placed on domestic utilisation of the country’s gas resources to ensure that Nigerians benefit directly from the nation’s energy assets.
He commended the NLNG management for improving the company’s capacity and generating returns on investment, while assuring the board of his administration’s readiness to provide incentives that could support further growth and expansion.
The President stressed that Nigeria’s natural resources would only contribute meaningfully to the economy when they are effectively developed and utilised to serve the needs of the people.
He also called for greater domestication of energy requirements and appropriate pricing mechanisms that would make the benefits of the country’s resources more accessible to ordinary Nigerians.
Earlier, the NLNG Managing Director and CEO, Engineer Adeleye Falade, said the delegation was at the State House to brief the President on the company’s operations since the current management assumed office in April.
Falade disclosed that NLNG has generated more than 150 billion dollars since inception, with its shareholders, including the Nigerian government, receiving about 47 billion dollars in dividends. Nigeria holds a 49 per cent stake in the company.
He explained that NLNG had previously operated at about 60 per cent capacity due to insufficient crude oil production, which limited operations to four of its six available production trains.
According to him, increased oil production has enabled the company to raise its operating capacity to five trains, with further improvements expected.
Falade said NLNG was preparing to inaugurate Train Seven, which is expected to increase the company’s capacity by 35 per cent. He added that the company currently accounts for about five per cent of the global LNG market.
The NLNG chief executive also said all the company’s liquefied petroleum gas (LPG), commonly known as cooking gas, is currently directed to the domestic market.
He noted that shareholders had commended the stability in Nigeria’s fiscal environment, saying it was helping to attract additional investment into the oil and gas sector.
Falade also commended security agencies and industry regulators for their contribution to the stability recorded in the sector.
He informed the President that the Bonny-Bodo Road and Bridge project, financed by NLNG, has been completed and is awaiting official commissioning.
The meeting was attended by senior NLNG officials and government representatives, including the 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.