Commodities
NNPC Revives $10 Billion OgunLNG Project Amid Plans for Deep Sea Port
The OgunLNG project in Ogun Waterside, Ogun State is set to revive after three decades of delay. The Nigerian National Petroleum Company Limited (NNPC Ltd.) will invest an initial $10 billion in the project.
The investment comes on the heels of a recent agreement between Ogun State and DP World for the development of the Gateway Deep Sea Port and the 10,000-hectare Ogun State Blue Marine Special Economic Zone. The agreement is expected to attract over $7 billion in initial investment.
Governor Dapo Abiodun expressed his enthusiasm for the project's revival, citing its potential to strengthen Nigeria's energy supply and provide gas for industries.