The Federal Government of Nigeria has approved an investment of N122 billion in six indigenous companies through the Midstream and Downstream Gas Infrastructure Fund (MDGIF). This significant move aims to advance the country’s energy security and strengthen its gas infrastructure.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, announced the decision at the NNPC Towers in Abuja. Ekpo highlighted that the investment is a milestone in Nigeria’s gas revolution, showcasing the government’s dedication to leveraging its gas resources for socio-economic development. He described the approval as a “major breakthrough” in the country’s energy landscape.
The selected companies – Asiko Energy Holdings Limited, FEMADEC Energy Limited, Ibile Oil and Gas Corporation, Nsik Oil and Gas Limited, Rolling Energy Limited, and Topline Limited – were chosen for their strong track records and commitment to supporting Nigeria’s gas sector.
“This collaboration between the public and private sectors will transform Nigeria’s gas industry, fast-tracking our journey toward energy security and economic prosperity,” Ekpo stated.
He also praised President Bola Tinubu’s efforts to foster partnerships that drive the nation’s energy security goals. The companies’ selection process was thorough, focusing on their past performances and dedication to gas development.
Ekpo urged the beneficiary companies to responsibly utilize the funds, emphasizing that their dedication played a key role in their selection. The MDGIF will continue to be a catalyst for investment, helping to bridge gaps in the gas value chain by financing critical projects. He also mentioned that more companies would benefit from additional funding rounds in the future.
The investment aligns with the Decade of Gas Initiative, which focuses on utilizing Nigeria’s vast gas resources for economic growth.
The event saw attendance from notable figures, including Senator Jarigbe Agom Jarigbe, Chairman of the Senate Committee on Gas, Ambassador Nicholas Agbo Ella, Permanent Secretary of the Ministry of Petroleum Resources, MDGIF Executive Director Oluwole Adama, and CEOs of the beneficiary companies, along with other key stakeholders.
