FG approves N122bn Investment in six indigenous firms for gas infrastructure development
In a groundbreaking move, the Federal Government, through the Midstream and Downstream Gas Infrastructure Fund (MDGIF), has approved the investment of N122 billion in six indigenous companies, marking a significant milestone in Nigeria’s quest for energy security and gas infrastructure development.
Minister of State Petroleum Resources (Gas) and Chairman of the MDGIF Governing Council, Rt. Hon. Ekperikpe Ekpo, made this announcement at an event held at the NNPC Towers Abuja, describing it as a major 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.”
The six beneficiary companies – 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 – were carefully selected based on their track record of excellence and commitment to supporting Nigeria’s gas revolution.
“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,” said Ekpo.
The Minister commended President Bola Tinubu’s efforts to foster business relationships and collaboration to achieve Nigeria’s energy security objectives. He noted that 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 explained.
“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.”
Additional batches of beneficiaries will be selected in subsequent rounds, Ekpo said.
He 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.
Present at the event were the Chairman, Senate Committee on Gas, Senator Jarigbe Agom Jarigbe, Permanent Secretary, Ministry of Petroleum Resources, Ambassador Nicholas Agbo Ella, Executive Director, MDGIF, Mr. Oluwole Adama, Secretary and Members of the MDGIF Governing Council, CEOs of the beneficiary companies, top officials of the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA), among others.
