The Federal Government has inaugurated the Governing Council of the Midstream and Downstream Gas Infrastructure Fund, which has the target of attracting $575bn investments in the Nigerian gas sector.
Late last year, President Bola Tinubu appointed a governing council to lead the Midstream and Downstream Gas Infrastructure Fund.
The MDGIF is a government fund set up to invest in infrastructure projects that will improve transportation and processing (midstream) and utilisation (downstream) of natural gas in Nigeria.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority manages the MDGIF, while the governing council is chaired by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, who oversees the fund’s activities.
The aim of the MDGIF includes attracting more than $575bn in investments to develop Nigeria’s gas sector; expanding the midstream and downstream gas infrastructure to create a more robust gas market in Nigeria, among others.
Speaking at the inauguration meeting of the council in Abuja on Friday, the gas minister told the seven-member council that “the President’s confidence in my ability to chair the MDGIF is not just a personal honour but a clarion call to service for all of us”.
He added, “It reflects the belief that, together, we can harness the vast potential of our nation’s gas resources to drive innovation, create jobs and contribute significantly to the overall development of our beloved country.”
Ekpo pointed out that the establishment of the MDGIF came at a critical juncture in Nigeria’s energy landscape, as the country strives for economic diversification and sustainable development
