NLNG Contributes to Nigeria’s Energy, Forex Stability – Ugochinyere

  • Ikenga Ugochinyere said Nigeria’s Liquefied Natural Gas (NLNG) operations have been critical in ensuring stability in energy and foreign exchange.
  • He added that, with robust government support, these entities will drive Nigeria’s economic transformation and establish the nation as a formidable force in the global energy sector.

The Chairman of the House of Representatives Committee on Petroleum Resources, Downstream, Ikenga Ugochinyere, has said Nigeria’s Liquefied Natural Gas (NLNG) operations have played a critical role in ensuring Nigeria’s energy and foreign exchange stability.

He said this at a recent Energy Retreat in Abuja, noting that the gas company significantly contributes to the nation’s economic stability.

He said, “NLNG’s operations have largely contributed to Nigeria’s energy and forex stability. Their consistent performance and strategic initiatives have provided a reliable energy source and substantial foreign exchange earnings, which are crucial for our economic well-being.

The government must continue to provide the necessary backing to ensure the sustainability and growth of NLNG. This includes favourable policies, infrastructural development, and financial incentives.”

Moreover, NLNG has been a cornerstone of Nigeria’s energy landscape since its establishment in 1989. The company accounts for approximately 7 per cent of the global LNG supply, exporting over 5,000 cargoes to diverse international markets. In 2022, NLNG generated an impressive revenue of around $10 billion, significantly bolstering Nigeria’s foreign exchange reserves.

Also, he stated that as the country navigates its energy and economic challenges, “the successes of NLNG offer a promising path forward. With robust support from the government, these entities will drive Nigeria’s economic transformation and establish the nation as a formidable force in the global energy sector.”

Furthermore, the lawmaker added, “The Dangote Refinery, poised to become the world’s largest single-train refinery, represents a transformative force in Nigeria’s downstream sector. With a refining capacity of 650,000 barrels per day, the refinery will meet Nigeria’s domestic fuel needs and reduce reliance on imported petroleum products.”

“The project has attracted an investment of over $15 billion and is anticipated to save Nigeria up to $10 billion annually in foreign exchange. Likewise, by providing the necessary backing, we can ensure the sustainability and growth of NLNG and the Dangote Refinery. This is not just about economic gains; it’s about securing our energy future and driving national development.”

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