Tinubu harps on key role of gas in economic reconstruction, FDI inflow, youth empowerment; Receives NLNG Board, Management

President Bola Tinubu has reiterated his administration’s commitment to leveraging on the domestic use, processing and export of Nigeria’s gas resources.

According to him, it is the resource that will catalyse the fundamental restructuring of the nation’s economy for expansive growth during his tenure.

Tinubu said this on Friday in Abuja when he received the Board and Management of the Nigeria Liquefied Natural Gas (NLNG) Limited at the State House.

Tinubu said that all challenges to the entrepreneurial progress and development of Nigeria’s industrious citizens would be removed.

He said this would engender best business practice in the Oil and Gas sector as well as create more opportunities for Nigerian companies and international partners to thrive in the sector.

“It is now a collaborative effort in thinking and doing. We will work with all partners to redefine the future of our economy,” the President told the NLNG delegation.

Tinubu stressed the position of natural gas as Nigeria’s gateway to sustainable development and prosperity, pledging to build a partnership with investors for job opportunities and skills development for youths.

“It is all about growing the pie so that Nigerians will benefit,” the President said, adding that “skill development will help the many restive youths who need to be carried along and employed. Their lives need to be more predictable and prosperous.”

The President appreciated the difficulties faced by the NLNG, particularly on security, affirming that stakeholders, including the host communities and security agencies, would play more central roles in their resolution.

In his remarks, the Chairman of the Board said that the frustrations faced by non-government stakeholders in operations were being collectively shared with the government.

He said that the communities would continue to play a role in ameliorating the situation, adding that issues of trust between investors and host communities must be properly handled with an emphasis on end-to-end process inclusivity.

Mshelbila and the delegation congratulated the President for winning the 2023 Presidential elections, and setting the tone early and aggressively with bold reforms that would transform the Nigerian economy.

He further stated that the company had provided a new standard of efficiency in Nigerian public and private sector partnership that is worthy of emulation.

Mshelbila told the president of the contribution of more than one billion U.S. Dollars to new tax revenue generation in 2022, stressing that this was achieved in spite of NLNG operating below capacity.

He said this was largely due to regional insecurity and changing industry tax modifications introduced by successive Finance Act amendments.

He commended the President’s recent action to suspend the impediment-inducing provisions in recent weeks.