The federal government has approved the investment of N122 billion in six gas infrastructure companies.
Ekperikpe Ekpo, minister of state for petroleum resources (gas), spoke in Abuja on Monday.
In a statement by Louis Mbah, the minister’s spokesperson, the midstream and downstream gas infrastructure fund (MDGIF) championed the approval, which signifies a significant milestone in Nigeria’s quest for energy security and gas infrastructure development.
The six beneficiary companies are Asiko Energy Holdings Limited (AEHL), FEMADEC Energy Limited, Ibile Oil and Gas Corporation (IOGC), Nsik Oil and Gas Limited, Rolling Energy Limited, and Topline Limited.
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Ekpo, who also serves as the chairman of the MDGIF governing council, said the move is a breakthrough in Nigeria’s gas revolution and “a testament to the government’s commitment to harnessing the country’s gas resources for socio-economic growth”.
“This partnership between the public and private sectors will transform Nigeria’s gas industry, accelerating our journey towards energy security, industrial growth, and economic prosperity,” Ekpo said.
The minister commended President Bola Tinubu’s efforts to foster business relationships and partnerships to achieve Nigeria’s energy security objectives.
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He said the selection process was rigorous, with each company chosen for its exceptional performance and dedication to Nigeria’s gas development.
“The MDGIF is a catalyst for investment and bridging gaps in the gas value chain by ensuring the financing and delivery of critical projects,” Ekpo said.
“We urge the beneficiaries to utilise these funds judiciously, maintaining the same zeal and dedication that earned them selection as the first batch of MDGIF beneficiaries.”
He said additional batches of beneficiaries would be selected in subsequent rounds.
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Ekpo emphasised that the MDGIF investment aligns with the goals of the ‘Decade of Gas’ initiative, aimed at harnessing Nigeria’s gas resources for socio-economic growth.
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