Nigeria’s $15 billion Brass LNG project seen profitable on global LNG growth forcast

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A new forecast on the global liquefied natural gas (LNG) market by Royal Dutch Shell has disclosed that demand for LNG will continue to grow at an average of five per cent annually until 2030, thus rekindling confidence that Nigeria’s $15 billion Brass LNG project could still be profitable if executed.

The forecast, which was released by Shell and obtained by our correspondent on Tuesday in Abuja, said the projected five per cent annual growth rate for the LNG market would be driven by the increasing number of buyers recorded since 2015 and from which China and India are the fastest growing buyers.

Global LNG demand, it noted, reached 265 million tonnes (MT) in 2016, while the number of buyers grew to 35 from 10 that it was at the start of the century. It listed Colombia, Egypt, Jamaica, Jordan, Pakistan and Poland as the six new countries that have joined the growing number of LNG importers.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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