NLNG Revenue Generation Grows To $90bn
The managing director and chief executive officer of Nigeria LNG Limited (NLNG), Tony Attah, over the weekend said the company has generated over N90 billion in revenue to federal government. Attah also said that the NLNG’s planned Train 7 Project, which will increase production output of its plant from 22 Million Tonnes Per Annum (MTPA) to 30 MTPA, will also lift Foreign Direct Investment (FDI) in the country. He said this during the visit of the Honourable Minister of Finance, Kemi Adeosun, to the NLNG’s plant complex on Bonny Island, Rivers State. The Minister was received by the Chairman, NLNG’s board of Directors, Chief O.R. LongJohn; Attah; Deputy Managing Director, Sadeeq Mai-Bornu; member, NLNG Board of Directors, Chief (Mrs.) Cordelia Agboti; and the General Manager, Production, Tayo Oginni. Briefing the Minister on NLNG’s operations and business, the MD said NLNG will be seeking an estimation of $7 billion from the global international markets to cover the construction of Train 7) (and investment in the upstream gas sector in Nigeria that will ensure the sustainability of feedgas supply to its existing trains (Trains 1 to 6) and the new Train 7. “We are committed to our expansion goals of building an additional production train to our plant. We believe this will ensure our country becomes a country that has been able to unleash its gas potentials and one that is in a transitional state from an oil-based economy to a gas-based economy. We also hope that Train 7 will change the country’s revenue and foreign investment profile.” He remarked that only recently, NLNG commemorated the repayment of a US$5.45 billion Shareholder loan. The consolidated loan contributed towards funding the Base Project, Expansion Project, NLNG Plus Project and Train 6. The final repayment, which is a milestone for NLNG and Nigeria, sends a strong message to the world that Nigeria is ready for more foreign investments.