The Federal Government just sealed a sizzling $27 million deal with LNG Arete to kickstart a game-changing Liquified Natural Gas (LNG) project in Ajaokuta, Kogi State. This move, powered by the Presidential Compressed Natural Gas Initiative (PCNGI), is set to pump gas straight to the North and beyond; cheap, clean, and ready to roll.
At the flashy signing bash in Abuja on Friday, PCNGI boss Micheal Oluwagbemi spilled the beans: LNG Arete’s already tossed in $12 million, while PCNGI’s chipping in $6 million, plus extra cash from the Nigerian Midstream and Downstream Gas Infrastructure Fund. Total price tag? A cool $27.3 million. The best part? It’ll be up and running in just 12 to 18 months; equipment is already good to go.
Oluwagbemi was buzzing, saying this project is jumping from three million to seven million standard cubic feet of gas daily, all thanks to the government’s push. “We’re not here for handouts,” he said. “We want partners who bring the goods; and LNG Arete delivered. Now, we’re fast-tracking permits and gas flow to make it happen!”
Why’s this a big deal? Nigeria’s sitting on gas goldmines, but getting it around has been a headache. This Ajaokuta hub will liquefy gas, load it onto trucks, and zip it across the North; fueling cars, power plants, and factories. Plus, it is creating 100 jobs in Kogi and sparking three mini-plants in every northern state!
LNG Arete’s Hajara Pitan chimed in, hyping up how mini-LNG tech slashes costs and opens doors for Nigeria’s gas game. “We’re powering up the North and beyond in 12 to 16 months; jobs, industry, you name it!” she beamed. Ministry of Finance’s Tajudeen Ahmed gave it a big thumbs-up too. Gas revolution? It’s on.