Nigeria may lose over $25b to NLNG Act amendment

Nigeria Liquefied Natural Gas Limited (NLNG) Logo

The Nigeria Liquefied Natural Gas (NLNG) has warned that any move to tinker with the 2004 Act would violate bilateral agreements with international investors as well as cost the country a whooping $25 billion in Foreign Direct Investment (FDI) and fines running in billions at the International Courts.

The outgoing Managing Director and Chief Executive Officer of NLNG, Babs Omotowa, said this in Lagos at the National Association of Energy Correspondents (NAEC) Annual Conference. Speaking during his address to top executives in the oil and gas industry in Nigeria.

Omotowa said NLNG, through its expansion growth programme which involves the expansion of production capacity of the LNG plant in Bonny, Rivers State with a Train 7 and 8, could attract $25 billion, create 30,000 construction jobs, help to further reduce gas flaring, and generate over $1billion to $2 billion additional revenue to the country in taxes and dividend.

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