By Peter Omopo
President Bola Ahmed Tinubu has urged Nigeria LNG Limited (NLNG) to intensify efforts to curb gas flaring and harness the country’s natural gas resources for greater economic benefits.
Tinubu made the call on Wednesday when the Board of NLNG, led by its Managing Director and Chief Executive Officer, Adeleye Falade, briefed him at the State House in Abuja.
The President commended the company for improving its operational capacity and delivering substantial returns to its shareholders but stressed the need for greater emphasis on the domestic utilisation of Nigeria’s abundant gas resources.
Tinubu identified gas flaring as both an environmental challenge and a missed economic opportunity, urging NLNG to develop strategies that would transform wasted gas into resources capable of supporting consumers and the wider economy.
“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 said.
The President maintained that natural resources would have limited value unless they were effectively exploited to support economic development and improve citizens’ welfare.
He also pledged that his administration would provide the necessary incentives to enable NLNG to expand its operations and maximise its potential.
“I believe that this country has what it takes; but whatever asset that we have in the ground is nothing unless it’s brought up to service the economy, the people, and realisation of a good return on investment,” Tinubu said.
He further urged NLNG to prioritise the energy needs of Nigerians, particularly through increased domestic supply and pricing mechanisms that would make energy more affordable and accessible to citizens.
Earlier, Falade disclosed that NLNG had generated more than $150 billion since its establishment, while its shareholders, including the Federal Government, had received approximately $47 billion in dividends.
The Federal Government holds a 49 per cent stake in the company.
Falade explained that NLNG had previously operated at about 60 per cent capacity due to inadequate crude oil production, restricting operations to four of its six available production trains.
He said improved crude oil production following recent developments in the oil and gas sector had enabled the company to increase its operations to five trains, with further improvements anticipated.
According to him, NLNG is also preparing to inaugurate Train Seven, which is expected to increase the company’s production capacity by 35 per cent. The company currently accounts for about five per cent of global liquefied natural gas production.
Falade also disclosed that all NLNG’s liquefied petroleum gas, commonly known as cooking gas, is currently allocated to the domestic market.
He said shareholders had commended the stability of Nigeria’s fiscal environment, noting that the development was helping to attract new investments into the country.
The NLNG chief executive also acknowledged the contributions of security agencies and regulators in the oil and gas industry towards creating a more stable operating environment.
Falade further announced that the Bonny-Bodo Road and Bridge project, financed by NLNG, had been completed and was awaiting official commissioning.
The NLNG delegation included Deputy Managing Director Olakunle Osobu; Board Director and Managing Director of TotalEnergies EP Nigeria Limited, Matthieu Bouyer; Board Director, Vice Chairman and Managing Director of Nigeria Agip Exploration, Maurizio Pinna; and General Manager, External Relations and Sustainable Development, Sophia Horsfall.
The meeting was also attended by 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.
