By Ndubuisi Micheal Obineme
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo has inaugurated the management executives (Governing Council) of the multi-billion dollar Midstream and Downstream Gas Infrastructure Fund (MDGIF) to boost investments and accelerate Nigeria’s gas infrastructure development.
In a statement obtained by The Energy Republic, the minister inaugurated the Governing Council of the MDGIF on 8th March 2024 in Abuja.
Ekpo, who is the chairman of the MDGIF, said the fund’s mandate, which is to support the midstream and downstream gas infrastructure development aligns seamlessly with the aspirations of the President Bola Tinubu-led administration.
“I call upon all stakeholders, both domestic and international, to join hands with us in this noble endeavor in line with the recently signed executive orders on petroleum sector reform to boost investment in the oil and gas sector. Let us work together to unlock the vast potential of Nigeria’s gas sector and propel our nation to new heights of economic prosperity,” the minister said.
The Midstream and Downstream Gas Infrastructure Fund will bridge the huge infrastructure deficit that has been a major hindrance towards gas distribution and utilization in the country, especially for the development of Nigerian ‘Decade of Gas’ and energy transition policies.
Ekpo said the establishment of the MDGIF came at a critical juncture in Nigeria’s energy landscape to support the Midstream and Downstream Gas infrastructure which aligns seamlessly with the national aspirations.
He stated that the MDGIF represents not just a financial instrument, but a symbol of the Government’s dedication to fostering an environment conducive to private sector participation and international collaboration.
According to the Minister, the MDGIF is not merely a fund but it is a vehicle for progress, a conduit for prosperity, and a catalyst for sustainable development which would in turn lead to a tangible reduction in the price of Liquefied Petroleum Gas, and Compressed Natural Gas, benefiting particularly the low income earners in the society.
He called on all stakeholders, both domestic and international to join hands with the country in this noble endeavor in line with the recently signed Executive Orders on Petroleum Sector Reforms to boost investment in the oil and gas sector.
He expressed his gratitude to President Bola Tinubu for entrusting him with the responsibility of chairing the MDGIF.
He opined that with the dedication of the Governing Council and the support of all stakeholders, a success story would be written for generations to come.
The Authority Chief Executive, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and member of the Council, Engr. Farouk Ahmed who spoke on behalf of other members promised that they would not leave any stone unturned towards ensuring that the Council succeeds on its assigned mandates.
President Bola Tinubu recently approved the appointment of a Governing Council of the Midstream and Downstream Gas Infrastructure Fund (MDGIF) to be domiciled in the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) with the following membership: Honourable Minister of State Petroleum Resources (Gas) Rt. Hon. Ekperikpe Ekpo (Chairman); Mr. Oluwole Adama (Executive Director), Mr. Joseph Tolorunshe (Secretary).
Other members are NMDPRA Chief Executive, Engr. Farouk Ahmed, Representative of the Central Bank of Nigeria (CBN); Representative of the Federal Ministry of Finance; MDGIF Independent Member, MS Amina Maina (North-East); MDGIF Independent Member, Mr. Edet David Ubong (South-South) and MDGIF Independent Member, Mr. Tajudeen Bolaji Musa (South-West).