The Executive Director of the Nigerian Midstream and Downstream Gas Infrastructure Fund (MDGIF), has stated Nigeria needs $20bn worth of investment annually to fix the infrastructure gap in the gas sector.
Speaking at the Nigerian Oil and Gas (NOG) Conference in Abuja, the Executive Director of MDGIF, Oluwole Adama, said the country needs a total of $400bn in the next 10 years to improve infrastructure that will aid the domestic market in bringing cheaper and clean energy to Nigerians.
He stated that the fund is looking at bringing banks into projects to achieve the funding to unlock big capital into that sector.
While speaking as a panelist on economic growth and development, Adama said economic growth and economic development are complementary and mutually reinforcing.
He however said the real challenge is ensuring that growth is inclusive, sustainable, and translates into tangible improvements in the lives of Nigerians.
“Economic growth is about increasing output, investment, and GDP. Economic development goes further—it is about creating jobs, reducing energy poverty, improving industrial productivity, strengthening local value chains, and enhancing the quality of life,” he said.
He added that Nigeria’s domestic gas market provides a unique opportunity to achieve both simultaneously and when the country invests in gas infrastructure, it is not only increasing gas production or consumption; but also enabling industries to operate more competitively.
