The Federal Government, through the Midstream and Downstream Gas Infrastructure Fund (MDGIF), has approved an investment of N122 billion in six indigenous companies to boost Nigeria’s gas infrastructure development. This decision marks a major step toward enhancing the country’s energy security.
The announcement was made by the Minister of State for Petroleum Resources (Gas) and Chairman of the MDGIF Governing Council, Ekperikpe Ekpo, during an event at the NNPC Towers in Abuja. Ekpo described the investment as a critical breakthrough in Nigeria’s gas industry and a clear demonstration of the government’s commitment to leveraging its gas resources for economic growth.
The six companies selected to receive the funding include 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. These firms were chosen based on their strong performance and dedication to advancing Nigeria’s gas sector.
“This public-private partnership will transform Nigeria’s gas industry and push us closer to achieving energy security and industrial development,” said Ekpo.
The Minister praised President Bola Tinubu’s efforts in fostering business collaborations to meet Nigeria’s energy security goals. He noted that the selection process for the six companies was thorough, ensuring that only the best-performing firms were chosen.
Ekpo also emphasized the importance of the MDGIF in driving investment and bridging gaps in the gas value chain. He urged the companies to use the funds responsibly, maintaining the dedication that earned them this opportunity as the first batch of beneficiaries.
Additional rounds of funding are expected for more companies in the future, Ekpo added.
This investment is part of the broader “Decade of Gas” initiative, which aims to fully utilize Nigeria’s gas resources to fuel economic development.
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The event was attended by key stakeholders, including Senator Jarigbe Agom Jarigbe, Chairman of the Senate Committee on Gas; Ambassador Nicholas Agbo Ella, Permanent Secretary of the Ministry of Petroleum Resources; Mr. Oluwole Adama, Executive Director of MDGIF; and CEOs of the beneficiary companies, among others.
Falana Abimbola:
Tinubu’s Reforms Will Bring Great Benefits, Says Governor Otu
Governor Bassey Otu of Cross River State has expressed optimism that the economic reforms introduced by President Bola Tinubu will lead to significant benefits for Nigeria, though these may take time to materialize.
In his speech marking Nigeria’s 64th Independence Day celebration in Calabar, Governor Otu encouraged Nigerians to remain patient and focused on the long-term goals of the reforms, despite the current economic challenges.
“The eyes of all Nigerians should be on the end goal, not the temporary pains we are feeling right now,” Otu stated. “While the hardships caused by these reforms are real, the benefits we expect will far outweigh the discomfort. What we need right now is perseverance.”
Governor Otu assured Nigerians that the country is making steady progress as a unified and sovereign nation, despite the current struggles. He emphasized that the ongoing reforms are necessary to ensure the future prosperity of the nation.
He further explained that Nigeria’s Independence Day should be a time for reflection and careful assessment of the country’s journey. He noted that the sacrifices made by Nigeria’s founding leaders can only be truly honored by pursuing policies that lead to the political and economic empowerment of the people.
Governor Otu’s remarks highlight his confidence in the long-term impact of Tinubu’s policies, urging Nigerians to trust that there is “light at the end of the tunnel.”
