Tinubu urges NLNG to turn gas flaring into economic benefit

President Bola Tinubu urged the management of Nigeria Liquefied Natural Gas Limited (NLNG) to maximize the nation's natural gas reserves by curbing gas flaring and transforming the resource into economic advantages for Nigerians. He conveyed this message during a meeting with NLNG Board members at the State House in Abuja. Bayo Onanuga, Tinubu's Special Adviser on Information and Strategy, announced the development in a statement titled, 'President Tinubu Urges NLNG Board to Convert Gas Flaring Into Economic Benefit for Nigeria.'

Tinubu emphasized the importance of domestic utilization of gas reserves, stating that gas flaring should be eliminated and its potential environmental liability converted into strategic and economic benefits for the country's consumers. He praised NLNG's efforts to increase the company's capacity and ensure favorable returns on investment. Tinubu expressed readiness to provide additional incentives to stimulate growth and expand the company's capacity.

The President highlighted that Nigeria's natural resources would only hold value if harnessed to support the economy and enhance the lives of citizens. He believed Nigeria possessed the potential to achieve this, provided the assets in the ground were utilized to serve the economy and people, and generate a good return on investment.

NLNG Managing Director and CEO Adeleye Falade briefed Tinubu on the company's operations since taking office in April. Falade reported that NLNG had generated over $150 billion since inception, with shareholders, including the Federal Government, receiving approximately $47 billion in dividends. He noted that the company had previously operated at around 60% capacity due to insufficient crude oil production, with only four of its six available trains in operation.

Falade revealed that oil production improvements had enabled the company to raise its capacity to five trains, with further enhancements expected. The NLNG currently holds a five percent share of the global LNG market, with Train Seven scheduled to inaugurate and boost capacity by 35 percent. Falade also mentioned that NLNG shareholders had commended Nigeria's stable fiscal environment, attracting more investment. He praised security agencies and industry regulators for maintaining stability within the sector.

The meeting also featured other NLNG team members, including Deputy Managing Director Olakunle Osobu, Board Directors Matthieu Bouyer, Maurizio Pinna, and senior executives from TotalEnergies EP Nigeria Limited, Nigeria Agip Exploration, and various government departments. The session concluded with the presence of the Minister of Information and National Orientation, Mohammed Idris, Onanuga, and Yasmin Mohammed, the Senior Special Assistant to the President on Energy Transition.