By Katsina Times

President Bola Ahmed Tinubu has urged the Nigeria Liquefied Natural Gas Limited (NLNG) to intensify efforts to reduce gas flaring and maximise the economic value of Nigeria’s gas resources for domestic consumption.

Tinubu made the call on Wednesday at the State House, Abuja, when he received members of the NLNG Board, led by its Managing Director and Chief Executive Officer, Engineer Adeleye Falade.

The President said Nigeria must move beyond exporting its natural resources and ensure that its gas reserves are also utilised to support the domestic economy and improve the welfare of citizens.

He specifically urged the company to address gas flaring by converting what could constitute an environmental liability into an economic opportunity.

“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,” Tinubu said.

The President commended NLNG for expanding its operational capacity and improving returns on investment, assuring the company of his administration’s willingness to provide incentives that could support further growth.

He said Nigeria’s natural resources would have little value unless they were effectively developed and deployed to serve the economy and the people.

Tinubu also stressed the need for greater domestic utilisation of energy resources and pricing mechanisms that would enable ordinary Nigerians to benefit from the country’s gas wealth.

NLNG Generates Over $150bn Since Inception

Briefing the President, Falade said NLNG had generated more than $150 billion since its establishment, while its shareholders, including the Nigerian government, had received about $47 billion in dividends.

Nigeria holds a 49 per cent stake in the company.

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Falade said the company had previously operated at about 60 per cent capacity due to inadequate crude oil production, forcing it to operate only four of its six available production trains.

He said improved crude oil production had enabled NLNG to increase its operating capacity to five trains, with further improvements expected.

Train 7 to Increase Capacity by 35%

The NLNG chief executive said the company was preparing to inaugurate Train 7, which is expected to increase its production capacity by about 35 per cent.

He added that NLNG currently accounts for about five per cent of the global LNG market, while all its liquefied petroleum gas (LPG), commonly known as cooking gas, is currently supplied to the domestic market.

Falade also commended the stability in Nigeria’s fiscal environment, saying it was helping to attract new investments into the oil and gas sector.

He praised security agencies and industry regulators for contributing to the stability recorded in the sector.

The NLNG chief executive further informed the President that the Bonny-Bodo Road and Bridge project, financed by the company, had been completed and was awaiting official commissioning.

Other members of the NLNG delegation included Deputy Managing Director Olakunle Osobu; TotalEnergies EP Nigeria Managing Director and Country Chair Matthieu Bouyer; Nigeria Agip Exploration Vice Chairman and Managing Director Maurizio Pinna; and General Manager, External Relations and Sustainable Development, Sophia Horsfall.

Minister of Information and National Orientation Mohammed Idris, Special Adviser to the President on Information and Strategy Bayo Onanuga, and Senior Special Assistant to the President on Energy Transition Yasmin Mohammed also attended the meeting.