Tinubu to NLNG: Convert Gas Flaring into Domestic Wealth for Nigeria
President Bola Ahmed Tinubu has urged the Nigeria Liquefied Natural Gas (NLNG) board to end gas flaring and prioritize converting gas resources into domestic economic benefits for Nigerians.
The President said this at a meeting with a high-level delegation from the NLNG at the Presidential Villa, Abuja, led by its Managing Director and Chief Executive Officer, Engineer Adeleye Falade.
The President commended the NLNG for its massive revenue improvements but expressed his concerns over domestic utilization and optimization.
“My major concern is the domestic utilisation, where you must be able to take out the flaring and convert potential environmental liability to what could be strategically and economically beneficial to the consumers in the country,” he told the delegation.
President Tinubu assured the team that he would do whatever is within his power to incentivise them to maximise the organisation’s potential for Nigerians’ benefit.
The Managing Director and Chief Executive Officer of NLNG, Engineer Adeleye Falade, told the President that the NLNG has generated over $150 billion since inception, with shareholders, including Nigeria, receiving about $47 billion as dividends.
On capacity utilization, Falade said the NLNG was earlier operating at about 60 per cent capacity because the country could not produce crude optimally, resulting in the use of only four of the six available trains.
He noted that the situation is different now due to positive developments in the oil and gas sector, adding that the NLNG is keen to inaugurate Train Seven, which will boost its capacity by 35 percent and further increase its current capacity, adding that Nigeria LNG has a five percent share of the global LNG market.
