NLNG Reports $150bn Revenue as Nigeria Targets Bigger LNG Exports

Nigeria LNG Limited  (NLNG) has generated more than $150 billion in revenue from over 6,000 LNG cargoes since beginning operations, while its planned expansion could further increase the country’s earnings from natural gas and strengthen its position in the global LNG market.

The company said it has also paid $47.2 billion in dividends to shareholders and more than $10 billion in taxes to the Federal Government, while building an asset base worth about $23 billion. The figures spotlight the scale of NLNG’s contribution to public finances and the wider Nigerian economy as the country seeks to move beyond crude oil and develop its vast gas resources.

Speaking at his first media engagement since becoming Managing Director and Chief Executive Officer on 1 April 2026, Adeleye Falade said NLNG's immediate priority is to complete Train 7, which is expected to raise the company's production capacity from 22 million tonnes per annum to 30 million tonnes.

Falade added that Train 7 would increase NLNG's LNG production capacity by about 35 per cent and raise its LPG output by 50 per cent, adding an estimated 250,000 tonnes of cooking gas to the Nigerian market annually.

The project currently supports about 16,000 workers daily, he said, adding that the company has also begun preliminary discussions on possible future Trains 8, 9 and 10.

NLNG currently operates six liquefaction trains at its Bonny Island complex, which has an annual production capacity of 22 million tonnes. The company also operates 22 dedicated vessels, including 20 LNG carriers and vessels supporting LPG distribution and other operations.

Falade stated that the company has delivered more than 6,000 LNG cargoes to customers in Europe, Asia, the Middle East and other markets over its 37-year operating history.

He clarified that NLNG does not produce natural gas itself but purchases feedstock from upstream producers, processes and liquefies it before transporting the product to international customers.

Gas expansion could deepen economic gains

NLNG's financial disclosures come as Nigeria seeks to attract more investment into its gas industry and use the resource to support economic growth, power generation and industrial development.

The company explained that the Federal Government, which owns a 49 per cent stake, is its largest shareholder, while Shell, TotalEnergies and Eni hold the remaining interests. According to Falade, the company has paid more than $10 billion in taxes since its pioneer tax status expired.

He revealed that NLNG's economic contribution also extends to the upstream sector, with about 60 per cent of its payments for gas purchases eventually flowing back to the government through its equity interests in producing companies. The company also pays VAT, petroleum-related taxes and other statutory charges.

Excluding LNG exports, Falade revealed that NLNG supplied a record 500,000 tonnes of LPG to the domestic market in 2025, accounting for about one-third of national demand. Since 2022, the company has directed all of its LPG production to Nigeria rather than exporting it.

The move is significant for Nigeria's clean cooking transition, as greater LPG availability could help reduce dependence on firewood and other biomass fuels while limiting household air pollution, deforestation and associated carbon emissions.

Falade also linked NLNG's operations to the reduction in gas flaring. He said Nigeria flared about 65 per cent of its associated gas when the company was established, compared with less than 20 per cent currently. Associated gas is natural gas produced alongside crude oil that can either be captured for commercial use or flared when adequate infrastructure and markets are unavailable.

He argued that NLNG helped create a commercial outlet for a significant share of gas that would otherwise have been wasted through flaring.

Despite Nigeria's estimated 209 trillion cubic feet of proven gas reserves, Falade asserted that the country has yet to fully exploit its potential. He compared Nigeria's LNG capacity with that of countries such as Australia and Malaysia, arguing that Nigeria could support significantly greater gas production and exports given the size of its reserves.

The planned expansion of NLNG's capacity could have implications beyond the company's balance sheet, potentially increasing government revenues, strengthening foreign exchange earnings, expanding domestic LPG supply and supporting Nigeria's efforts to build a gas-based economy.

With Train 7 still under development and discussions on further expansion underway, the company's growth plans are expected to determine how much of Nigeria's largely untapped gas potential can be converted into sustained economic value.