NNPC Commits $10 Billion to Reviving Long-Delayed OgunLNG Project

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is set to invest $10 billion in the OgunLNG project, which has been on hold for over three decades.

Nigerian President Bola Ahmed Tinubu's administration has been supporting strategic economic projects, and the revival of the OgunLNG initiative aligns with this goal. The project has the potential to strengthen Nigeria's energy supply while providing gas for industries and promoting large-scale industrialization.

Ogun State Governor Dapo Abiodun said that NNPC had commenced discussions with his government on the revival of the project, which will require approximately 1,728 hectares for LNG plants, utilities, storage facilities, and associated infrastructure. He also mentioned that the Deep Sea Port and Blue Marine Special Economic Zone projects signed by Ogun State and DP World last week are expected to attract more than $7 billion in initial investment.