The Federal Government has disbursed N122 billion to six local companies to help build Compressed Natural Gas (CNG) facilities all over Nigeria. Ekperikpe Ekpo, Minister of Petroleum (Gas), disclosed this during a meeting with the companies that received the money in Abuja.
The companies that benefited from the Midstream, Downstream Gas Infrastructure Fund (MDGIF) are Asiko Energy Holdings Limited, FAMADEC Energy Limited, Ibile Oil and Gas Corporation, Nsik Oil and Gas Limited, Rolling Energy Limited, and Topline Limited.
Ekpo stated that the fund is an important part of the government’s strategy to improve Nigeria’s gas infrastructure and fill in the gaps in the gas supply chain.
“This project will speed up our progress towards having enough energy, growing industries, and making our economy better, which matches the goals of the Decade of Gas Initiative,” he explained.
Jarigbe Agom Jarigbe, Senate Committee on Gas, noted that the money came from Section 54 of the Petroleum Industry Act, which was made official in 2021. He asked the companies getting the money to use it to improve gas infrastructure, and he said the Senate supports the government’s goals.
This investment is expected to help build more CNG infrastructure, which will make Nigeria’s energy system stronger.
