Tinubu urges NLNG to convert gas flaring into economic benefit

President Bola Tinubu has directed the management of the Nigeria Liquefied Natural Gas Limited (NLNG) to prioritize the domestic utilization of the country's vast gas reserves. During a meeting with the NLNG Board at the State House in Abuja, Tinubu urged the company to significantly reduce gas flaring, transforming a potential environmental liability into an economic asset for Nigerians.

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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.

Tinubu stressed that while international revenue generation is important, the primary concern should be the "domestic utilization" of these resources. He wants to see gas flaring curtailed and the gas converted into benefits for consumers within Nigeria. "Help us back home," the President implored the NLNG board, led by its Managing Director and Chief Executive Officer, Adeleye Falade.

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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.

The President commended the NLNG for its achievements, including increased capacity and strong returns on investment. He expressed willingness to provide further incentives to stimulate growth and expansion. "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 stated, highlighting the need to harness natural resources for the economy and citizens' lives.

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I enjoy the teamwork and the way the NLNG is going, and you all, as team leaders, are giving value to what was the initial objective of the company.

Adeleye Falade informed President Tinubu that the NLNG has generated over $150 billion since its inception, with Nigeria, holding a 49% stake, receiving approximately $47 billion in dividends. Falade also noted that the company had previously operated at about 60% capacity due to insufficient crude oil production, affecting the operation of its trains. He assured the President that all Liquefied Petroleum Gas (LPG) production is currently focused on the domestic market.

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If any other incentive is needed to stimulate growth and expand your capacity, I will be willing to do that.