The Federal Government of Nigeria has taken a significant step towards revolutionizing the country’s gas sector with the inauguration of the Governing Council of the Midstream and Downstream Gas Infrastructure Fund. This fund, with a target of attracting $575 billion in investments, is set to drive innovation, create jobs, and contribute to the overall development of Nigeria.
Led by Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, the council aims to expand the midstream and downstream gas infrastructure to create a more robust gas market in Nigeria. Ekpo emphasized the importance of private sector participation and international collaboration in achieving the ambitious goals of the MDGIF.
The establishment of the MDGIF comes at a critical time for Nigeria as the country seeks economic diversification and sustainable development. The fund is not just a financial instrument but a symbol of the government’s dedication to fostering an environment conducive to growth and prosperity.
With a focus on driving innovation, creating employment opportunities, and ensuring energy security, the MDGIF is positioned to benefit all sectors of society, particularly low-income earners. The minister called on both domestic and international stakeholders to collaborate in line with recent executive orders on petroleum sector reform to boost investment in the oil and gas industry.
The Chief Executive of Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ahmed Farouk, assured the minister of the council’s full support and commitment to meeting its goals. The MDGIF will be funded through a small levy on the wholesale price of petroleum products and natural gas, as well as grants, donations, and income from investments.
Overall, the inauguration of the Governing Council of the Midstream and Downstream Gas Infrastructure Fund marks a significant milestone in Nigeria’s journey towards energy security, economic prosperity, and sustainable development. Let us work together to unlock the vast potential of Nigeria’s gas sector and propel the nation to new heights.
