The Federal Government has announced that it will soon choose more beneficiaries for its initiative to invest in indigenous companies focused on energy security and gas infrastructure development.
It stated that this plan will represent a significant milestone in Nigeria’s pursuit of energy security and gas infrastructure development.
The Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, announced this at an event where the government approved the disbursement of N122bn to six Indigenous companies.
The fund made available through the Midstream and Downstream Gas Infrastructure Fund supports midstream and downstream gas infrastructure development, aligning seamlessly with the aspirations of President Bola Tinubu’s administration.
In line with the Petroleum Industry Act 2021, which provided for the establishment of the MDGIF, the past government of President Muhammadu Buhari had, in August 2022, floated its pioneer governing council, which signalled the commencement of the fund.
The initiative was expected to help bridge the huge infrastructure deficit, which has been a major hindrance towards gas distribution and utilisation in the country.
