President Bola Ahmed Tinubu has charged the management of Nigeria Liquefied Natural Gas (NLNG) to eliminate gas flaring and ensure the country derives greater economic value from its gas reserves for the benefit of ordinary Nigerians.
The President spoke on Wednesday at the State House while receiving members of the NLNG Board, led by Managing Director and Chief Executive Officer, Engineer Adeleye Falade.
Tinubu, according to a statement by his Special Adviser on Information and Strategy, said his main concern was domestic gas utilisation, urging the company to eliminate flaring and turn what he called a potential environmental liability into an economic benefit for Nigerian consumers.
“Yes, you are doing great to really want the revenue up and taking advantage of international interests so that Nigeria might be deriving benefits, but help us back home,” he said.
He commended the board for expanding the company’s capacity and improving returns on investment, and pledged government support to further incentivize growth. “If any other incentive is needed to stimulate growth and expand your capacity, I will be willing to do that,” the President said, stressing the need to domesticate energy pricing and supply so that “the ordinary man will feel it.”
In his remarks, Falade briefed the President on NLNG’s operations since he assumed office in April. He disclosed that the company has generated over $150 billion since inception, with shareholders, including the Nigerian government, earning about $47 billion in dividends from its 49 per cent stake.
He explained that NLNG had been operating at about 60 per cent capacity, using only four of its six trains, due to Nigeria’s earlier struggles with optimal crude production. However, he said improved oil production had allowed the company to raise capacity to five trains, with all LPG (cooking gas) output currently dedicated to the domestic market.
Falade also said NLNG is working toward inaugurating Train Seven, which would raise capacity by 35 per cent and strengthen the company’s five per cent share of the global LNG market. He credited the stability of Nigeria’s fiscal environment, along with the work of security agencies and industry regulators, for attracting increased investor confidence.
He further informed the President that the NLNG-funded Bonny-Bodo Road and Bridge project has been completed and is awaiting official commissioning.
Other members of the NLNG delegation included Deputy Managing Director Olakunle Osobu; Board Director and MD of TotalEnergies EP Nigeria Limited, Matthieu Bouyer; Board Director and MD of Nigeria Agip Exploration, Maurizio Pinna; and General Manager, External Relations and Sustainable Development, Sophia Horsfall, alongside other government relations officials.
Also present were the 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.
