Nigeria LNG Limited has announced that it has generated more than $150 billion in cumulative revenue and delivered over 6,000 liquefied natural gas cargoes to international markets since it began operations, reinforcing its position as one of Nigeria's largest contributors to economic growth and government revenue.
The company disclosed that it has also paid shareholders more than $47.2 billion in dividends, remitted over $10 billion in taxes to the Federal Government and built assets worth approximately $23 billion during its 37 years of operation.
The figures were presented on Tuesday in Lagos by the Managing Director and Chief Executive Officer of NLNG, Mr Adeleye Falade, during his first media engagement since assuming office on April 1, 2026.
The session also outlined the company's future growth strategy, with the completion of Train 7 remaining a priority while preliminary discussions have begun on the proposed development of Trains 8, 9 and 10 to strengthen Nigeria's presence in the global liquefied natural gas market.
Reviewing the company's journey over the past three decades, Falade said NLNG has grown into one of the world's leading LNG exporters, safely delivering more than 6,000 cargoes to customers across Europe, Asia, the Middle East and other international markets.
He clarified that NLNG is not involved in producing natural gas but purchases gas from upstream producers before processing, liquefying, transporting and marketing it worldwide.
"We don't produce the gas. We buy gas, just like power companies buy gas. We process it, liquefy it, transport it and sell it across the world," Falade said.
According to him, the company currently operates six liquefaction trains with a combined production capacity of 22 million tonnes per annum at its Bonny Island facility, which he described as the largest industrial complex in Sub-Saharan Africa.
He added that NLNG operates a fleet of 22 vessels made up of 20 LNG carriers, one liquefied petroleum gas vessel serving the domestic market and another vessel dedicated to operational support.
Falade said the company's cumulative revenue has reached about $150 billion since it commenced operations, while shareholders have received dividend payments totalling $47.2 billion. He added that NLNG's asset base has grown to approximately $23 billion.
He explained that the Federal Government remains the company's largest shareholder with a 49 per cent equity stake, while Shell, TotalEnergies and Eni own the remaining shares.
The NLNG chief noted that after its pioneer tax status expired, the company became one of Nigeria's biggest taxpayers, paying more than $10 billion in taxes to the Federal Government.
He explained that the company's economic contribution extends beyond company income tax, noting that roughly 60 per cent of payments made for gas purchases ultimately return to the Federal Government through its ownership interests in upstream producing companies. He added that NLNG also pays petroleum-related taxes, Value Added Tax and other statutory levies.
Falade further stated that NLNG has maintained its position as Nigeria's most tax-compliant corporate organisation for five consecutive years and also contributes significantly through Pay-As-You-Earn deductions from employees.
On domestic gas supply, he disclosed that the company delivered a record 500,000 tonnes of liquefied petroleum gas, commonly known as cooking gas, to the Nigerian market last year.
He said the volume represents the highest annual domestic LPG supply since NLNG began local distribution in 2005 with about 70,000 tonnes. Today, the company supplies about one-third of Nigeria's cooking gas demand.
"Last year was the highest volume we've ever supplied in a single year when we supplied 500,000 tonnes of LPG. Today, that's about 33 per cent of what the country demands," he said.
Falade revealed that since 2022, NLNG has dedicated all of its cooking gas production to the domestic market instead of exporting it. He explained that the decision followed a report by Dip Connect Online News highlighting the health risks faced by many Nigerians, particularly women, who rely on firewood and other biomass for cooking.
According to him, increasing the supply of LPG supports cleaner cooking, reduces deforestation, lowers indoor air pollution and cuts carbon emissions in line with Nigeria's energy transition objectives.
Falade also highlighted the company's role in reducing gas flaring, explaining that when NLNG was established, about 65 per cent of Nigeria's associated gas was flared. He said the figure has now fallen to below 20 per cent, largely because NLNG created a commercial market for gas that would otherwise have been wasted.
"Half of the gas that we get into our plant is associated gas. This is gas that people used to flare. Because we created a viable business case for that gas, we've helped reduce gas flaring significantly," he stated.
Describing natural gas as Nigeria's greatest energy resource, Falade said the country possesses about 209 trillion cubic feet of proven gas reserves, with an estimated additional 600 trillion cubic feet yet to be confirmed.
He observed that despite these abundant reserves, Nigeria still trails several competing LNG-producing nations. He pointed out that Australia has developed LNG export capacity of about 88 million tonnes annually from approximately 120 trillion cubic feet of proven reserves, while Malaysia, despite having less than half of Nigeria's proven reserves, has also built significantly larger LNG production capacity.
"We are a gas country with some oil, but we're just scratching the surface of our potential," he said.
Falade said the Train 7 project remains NLNG's immediate expansion priority and will increase annual production capacity by 35 per cent from 22 million tonnes to 30 million tonnes upon completion.
He added that Train 7 will also raise domestic LPG output by 50 per cent, providing an additional 250,000 tonnes of cooking gas to the Nigerian market each year. The project currently employs about 16,000 workers daily.
Looking ahead, he confirmed that preliminary discussions are already underway regarding the possible construction of Trains 8, 9 and 10 as part of the company's long-term strategy to strengthen Nigeria's competitiveness in the international LNG industry.
Also speaking, the General Manager, External Relations and Sustainable Development, Sophia Horsfall, said the media engagement was organised to provide journalists with accurate, timely and contextual information about NLNG's operations.
She explained that beyond presenting operational figures, the initiative was designed to deepen public understanding of the company's contribution to Nigeria's economy and the strategic importance of natural gas to the country's sustainable development.
ADEOLA KUNLE
No comments:
Post a Comment