NLNG assets now worth N5.2trn – MD

The Managing Director, Nigeria Liquefied Natural Gas Limited, Mr. Tony Attah, says the company’s assets are now worth over $13bn (N5.2trn), The Punch reports.

This is contained in a statement by the firm, which quoted him as saying this during a technical session chaired by the Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Baru, at the 22nd Nigerian Economic Summit in Abuja.

According to him, the NLNG Act provides incentives, assurances and guarantees, which encourages investors.

Attah said, “These incentives made it attractive for the international investors and financiers to invest even during a period Nigeria was perceived to be a pariah state. Those investments grew and they resulted in an inspirational Nigerian success story that the company is today, with assets now worth over $13bn.”

Attah said the firm had been able to generate $85bn in revenue, pay $5.5bn in taxes as well as commit more than $200m to corporate social responsibility projects, especially in capacity building and infrastructure development.

The NLNG assets is just a little N800bn less than the country’s 2016 budget of N6trn.

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