Abuja, July 6, 2023: President Bola Tinubu has assured genuine local and foreign investors of his administration’s commitment to providing conducive environment.
Mr Julius Rone, Group Managing Director of UTM FLNG Ltd, made this known after a meeting with Tinubu on Wednesday in Abuja.
The investors from France and Japan pledged to invest five billion dollars in the floating Liquified Natural Gas sector during a meeting with the president.
Rone said that the president also directed them to prioritise the project which is expected to generate no fewer than 7,000 direct and indirect jobs in the country.
He said that the investors from Technip Energies of France and JGC Corporation of Japan, were also directed to report any challenge to the president in the course of implementation.
Rone added that the two companies would invest about five billion U.S dollars in the floating energies in collaboration with the NNPC Ltd, while the Afrexim bank is working on the financing aspect.
He said that the project would have a 300,000 tonnes capacity of LPG per annum as well as meet 25 per cent of local demand of the gas.
On local content, Rone said that a number of Nigerians are already being trained on handling of the various equipment for the project.
He added that plants would also be created for the delivery and marketing of the products to customers on completion.
Rone was on the visit with Ms Emmanuelle Blatmann, the Ambassador of France to Nigeria, Ms Hiromi Otuski, Deputy Ambassador for Japan to Nigeria, Mr Naoki Noguchi, MD JGC, and Mr Sadeeq Mai Bornu.
