NLNG Act: Nigeria may lose $3bn

Nigeria may lose investments up to $3billion annually in the upstream sector if the National Assembly amends Nigeria Liquefied Natural Gas Act.

The development would also endanger the NLNG expansion projects.

The Managing Director of the organization, Mr Tony Attah, made the disclosure at the presentation of NLNG’s 2017 facts and figures in Lagos.

According to him, an amendment or change in the act would portray Nigeria as a promise-breaker and untrustworthy and damage her reputation and hamstrung its ability to attract foreign investment.

He said the passage of the act would mean an immediate loss of foreign investment totalling $25billion in respect of Train 7 and 8 investments with a potential loss of about 18,000 jobs required for the construction activities of the Trains.

[Daily Trust]

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