Tinubu Urges Nigerian Gas Company to Convert Flaring to Economic Gain

President Bola Tinubu has directed Nigeria LNG Limited (NLNG) to prioritize reducing gas flaring and ensuring that Nigeria derives greater economic advantages from its vast gas reserves. Speaking at the State House in Abuja, Tinubu urged the company's board, led by CEO Adeleye Falade, to focus on domestic utilization, transforming potential environmental burdens into strategic and economic benefits for Nigerian consumers.

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My major concern is the domestic utilization, 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.

"My major concern is the domestic utilization, 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," Tinubu stated. He stressed that while the company's efforts to generate revenue and attract international interest are acknowledged, the benefits must also be felt directly by citizens at home. The President called for greater attention to domestic energy needs and fair pricing mechanisms, ensuring ordinary Nigerians experience the advantages of the nation's natural wealth.

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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.

Tinubu also commended NLNG's management for its achievements in expanding capacity and improving financial returns. He expressed his administration's readiness to offer incentives to support further growth and expansion of the company's operations. "If any other incentive is needed to stimulate growth and expand your capacity, I will be willing to do that," he assured.

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I think that is the primary focus. But think of people, the need for domestication of some of these energy requirements and pricing mechanisms so that the ordinary man will feel it.

During the meeting, Mr. Falade reported that NLNG has generated over $150 billion in revenue since its establishment, distributing approximately $47 billion in dividends to its shareholders. The Nigerian government, holding a 49% stake, benefits significantly from these returns. Falade noted that operational capacity had increased to five production trains, up from a previous limitation of four, due to improved crude oil production levels, which had previously hindered optimal operations.

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We look straight far into the future, and 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.