The Nigeria LNG project is considered one of the most important economic projects being carried out by the Federal Republic of Nigeria. The project is a vital part of the Federal Government's diversification programme and is expected to generate revenues and foreign exchange for the nation.
Overall, the major sub-contractors employed about 18,000 Nigerians in technical jobs in the base project. These jobs attracted about 500 expatriates and third country nationals who played mainly supervisory role during the base project. These Nigerians, with enhanced skills of their trades will be entering the Nigerian industry. This is one of the veritable routes of technology acquisition through the project into the Nigerian economy. The Third Train expansion project will employ about 7000 personnel at its peak.
The greatest impact of the project has been on the host communities of Bonny Island particularly in the areas of housing, catering and transportation. These sectors enjoyed a boom as a result of close to 90 million Naira that entered the economy monthly during the construction phase. In addition, a number of service industries were attracted to the Island notable among which were catering, Joint Venture Companies in the area of equipment and spare parts manufacturing. The considerable financial transaction could be witnessed by the number of banks that were attracted to the Island. One of the banks hit a record of four corporate and 30 individual customers within the first two weeks despite the requirement of 20,000 Naira (USD200) minimum deposit for current account and 10,000 Naira (USD 100) minimum deposit for savings accounts. This is a feat unmatched anywhere within the country.