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Tinubu Backs $5bn Floating LNG Project

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The President, Bola Tinubu, has backed the implementation of a $5bn floating Liquefied Natural Gas project expected to supply 40 per cent of the nation’s gas needs by Q4 2026.

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

Leader of the delegation and Group Managing Director of UTM FLNG, Julius Rone, while addressing newsmen at the end of the meeting, revealed that the multi-floating LNGs are being implemented with a $5bn loan from AFRIEXIM Bank.

According to Rone, the loan removes financing obstacles ahead of the 2026 kickoff.

Written by: Helen Obih

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