By Adewale Sanyaolu

Nigeria’s economic landscape is set to witness a turnaround in some years’ time with the flag off of the Nigeria Liquefied Natural Gas (NLNG) Limited Train 7, a project that has been said to help propel Nigeria as a major gas exporter and a fully industrialised nation.

According to industry obsevers,  the project will help Nigeria increase its number six global ranking in gas production and first in Africa with the recent Final Investment Decision (FID) for the Nigerian Liquefied Natural Gas (NLNG) Train 7 project.

The Train 7 Project, according to its promoters, will increase NLNG production by 35 per cent and its competitiveness in the global LNG market, adding that the construction period after FID will last approximately five years with the first LNG rundown expected in 2024.

The decision allows the expansion to increase the capacity of NLNG’s six-train plant from the extant 22 Million Tonnes Per Annum (MTPA) to 30 MTPA.

President Muhammadu Buhari had last Tuesday  at the flag-off ceremony of the NLNG Train 7, held in Bonny Island, Rivers State,  said the project would attract $12 billion in Foreign Direct Investment (FDI) and also earn Nigeria more dividends and revenues

The president stated that the company wholly managed by Nigerians has, all alone, contributed about one per cent of the country’s GDP.

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Recalling how he witnessed the formation of the company as the Minister of Energy in 1978, Buhari expressed satisfaction over how the NLNG has transformed from just a project to a very successful company in about 30 years.

The NLNG, he added, has contributed $114 billion in taxes to Nigeria and with this new project, there will be more jobs that will touch the lives of everyone particularly the host community.

“The NLNG Train 7 represents another historic milestone in the history of NLNG. NLNG story has been associated with success,” he said.

Executive Director, Transparency in Oil and Gas Consultative Forum, Mr. Charles Okpara, said In terms of monetisation, Train 7 project will significantly raise the Nigeria LNG contributions to Nigeria’s income from the over $13 billion paid out as dividends in the last 13 years, and over $18 billion paid out on gas purchases from oil-producing companies.

‘‘It will also increase Nigeria’s overall earnings of over 70 per cent from Nigeria LNG, comprising 49 per cent dividend, 30 per cent company income tax, and other taxes and levies,’’.

Group Managing Director of the Nigerian National Petroleum Corporation(NNPC), Mallam Mele Kyari, had last December said the FID marks a great day for Nigeria as all the partners in the project have resolved to proceed with a project that will ultimately deliver at least $20 billion of net revenue per annum for the federation and create about 40,000 indirect jobs to Nigerians.