President Bola Tinubu has reassured local and foreign investors about his administration’s commitment to providing a conducive business environment.
This affirmation came after a meeting between Tinubu and Mr. Julius Rone, the Group Managing Director of UTM FLNG Ltd, in Abuja.
During the meeting, investors from France .and Japan pledged a significant investment of five billion dollars in the floating Liquified Natural Gas sector.
The President directed the investors, Technip Energies of France and JGC Corporation of Japan, to prioritize the project, which is expected to generate about 7,000 direct and indirect jobs in the country.
Furthermore, the President instructed the investors to promptly report any challenges they encounter during implementation.
The collaboration between the two companies, NNPC Ltd, and the Afrexim bank is set to bring about this five billion U.S dollar investment in floating energies, focusing on meeting local gas demand by producing 300,000 tonnes capacity of LPG annually, accounting for 25% of the local market.
Rone also highlighted the emphasis placed on local content, with the training of numerous Nigerians on equipment handling for the project.
Upon completion, additional plants will be established for efficient delivery and marketing of the energy products to customers.
Mr. Julius Rone was accompanied on the visit by Ms. Emmanuelle Blatmann, the Ambassador of France to Nigeria, Ms. Hiromi Otuski, Deputy Ambassador for Japan to Nigeria, Mr. Naoki Noguchi, MD JGC, and Mr. Sadeeq Mai Bornu.