By Arabinrin Aderonke Ogunleye-Bello
President Bola Ahmed Tinubu recently met with Professor Benedict Oramah, president of AFREXIM Bank, during a global financing summit in Paris, France. Among various topics, they discussed the importance of a facility crucial to Nigeria’s energy diversification and transition plan.
This facility aims to reduce the largest black nation’s reliance on fossil fuel, particularly petrol, as Nigeria moves into a post-subsidy era.
A Nigerian company, participating and receiving financing through AFREXIM Bank for a project that is a result of commitments made under a pact with France.
The initiative began in 2022 when UTM offshore signed an agreement with UK’s Kellogg Brown & Root, Japan Gas & Technip Energies for the Front-end Engineering Design. The construction phase is now imminent, with the federal government showing a strong commitment to achieving $11.4 billion in export revenue.
The Floating Liquefied Natural Gas (FLNG) facility will have the capacity to produce 300,000 tons of Liquefied Natural Gas (LNG) per year and will be located 60km off the shore of Akwa Ibom State-Happy Hour State. Upon completion, it will have an LNG nameplate production capacity of 1.2 million metric tons per annum, a storage capacity of 200,000 cubic meters, and additional ancillary facilities.
This monumental gas project, known as the Nigeria-Morocco gas pipeline, was initiated by former President Buhari. It is regarded as Africa’s largest gas energy project and is designed to import gas from Nigeria through Morocco to Europe.
As the world transitions towards cleaner energy sources, Nigeria holds a vantage position to generate more revenue. Furthermore, a reduction in the price of gas will boost greater utilization, benefiting the population and the overall economy.
This progress signifies the encouragement of multilateral cooperation, job creation, and development in Nigeria. It also demonstrates Nigeria’s commitment to climate change goals while showcasing Nigeria’s potential for self-development by harnessing its abundant resources.
Arabinrin Aderonke is an Award-Winning investigative journalist. Good Governance, Gender Rights, and Peace Advocate. She writes from Abuja.
