President Bola Tinubu, on Wednesday, backed the implementation of a $5bn Floating Liquefied Natural Gas (LNG) project in the country.

The President gave the backing when he received a group of joint venture partners made up of UTM FLNG, TECHNIP Energies and JGC Corporation in his office, alongside Ambassadors of France and Japan to Nigeria.

Addressing State House correspondents after the meeting with the President, leader of the delegation and Group Managing Director of UTM FLNG, Julius Rone, said that a $5bn loan has been signed with Afreximbank for the implementation of the project.

Rone, who conveyed the President’s stance, said the project has the capacity to generate 7,000 direct jobs and produce 300,000 tons of LPG every year.

He further disclosed that it is the first time in Nigeria that an indigenous company will be involved in such a project that would contribute to the decarbonisation efforts in Nigeria.

The first floating LNG project in Nigeria, according to him, is expected to come on stream by the first quarter of 2026.