Tinubu Urges NLNG to Harness Gas Resources for Economic Benefit
Nigeria's President Bola Tinubu has urged the Nigeria Liquefied Natural Gas Limited (NLNG) to prioritize domestic utilization of the country's gas resources. Speaking at a meeting with NLNG board members, Tinubu emphasized the need to curb gas flaring and convert it into economic benefits for Nigerians.
Tinubu commended NLNG management for maximizing the company's capacity and ensuring good returns on investment. However, he stressed that domestic utilization is crucial to harnessing the full potential of Nigeria's natural resources.
NLNG Managing Director Adeleye Falade informed the President that the company had generated over $150 billion since inception, with shareholders receiving about $47 billion in dividends. NLNG currently accounts for around 5% of the global LNG market and is expecting further growth with the inauguration of Train Seven, which will increase capacity by 35%.
The President assured NLNG that his administration would provide necessary incentives to support further growth and expansion. He also highlighted the need to domesticate some energy requirements and develop pricing mechanisms that make energy more accessible to ordinary Nigerians.