NLNG exports 6,000 LNG cargoes, earns $150bn revenue

Nigeria LNG Limited has achieved significant milestones, generating over $150 billion in revenue and exporting more than 6,000 liquefied natural gas cargoes globally since its inception. The company's substantial contributions to the Nigerian economy are underscored by its dividend payments of over $47.2 billion to shareholders and tax remittances exceeding $10 billion to the Federal Government. Its asset base is currently valued at approximately $23 billion, solidifying its position as a major corporate contributor to national revenue.

Managing Director and Chief Executive Officer Adeleye Falade revealed these figures during a media engagement in Lagos. He highlighted the company's growth trajectory, including the ongoing completion of Train 7 and preliminary discussions for Trains 8, 9, and 10. These expansions are part of NLNG's strategy to enhance Nigeria's presence in the international LNG market. Falade clarified that NLNG purchases natural gas from upstream producers, processes it, liquefies it, and then transports and markets it globally, rather than producing the gas itself.

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We don’t produce the gas. We buy gas, just like power companies buy gas. We process it, liquefy it, transport it and sell it across the world.

NLNG currently operates six liquefaction trains at its Bonny Island facility, which is the largest industrial complex in Sub-Saharan Africa. This facility boasts a production capacity of 22 million tonnes per annum. The company also manages a fleet of 22 dedicated vessels, including 20 LNG carriers, one liquefied petroleum gas vessel for the domestic market, and a support vessel. Falade emphasized that since becoming tax compliant after its pioneer tax status expired, NLNG has become one of Nigeria's largest taxpayers.

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Our assets are currently valued at about $23bn. Right from where we started, we generated about $150bn in revenue. We managed to pay almost $50bn as dividends to our shareholders.