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April 23, 2024
You are currently viewing FG inaugurates gas infrastructure fund’s governing council
Minister of State Petroleum Resources (Gas) and Chairman, Governing Council of the Midstream Downstream Gas Infrastructure Fund (MDGIF), Mr Ekperikpe Ekpo (middle) with members during the inauguration meeting of the Council in Abuja

FG inaugurates gas infrastructure fund’s governing council

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By Emmanuella Anokam

The Federal Government has inaugurated the Governing Council of the Midstream and Downstream Gas Infrastructure Fund (MDGIF) with the charge to spur investment.

Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo, inaugurated the council on Friday in Abuja.

He called on the domestic and international stakeholders to join hands with the management of the MDGIF to boost investments in the gas sector.

Ekpo, who is the chairman of MDGIF, said the fund’s mandate, which aimed at supporting the midstream and downstream gas infrastructure, aligned seamlessly with the aspirations of President Bola Tinubu’s administration.

He said the establishment of the MDGIF came at a critical juncture in Nigeria’s energy landscape when the strive for economic diversification and sustainable development with gas as a major component was at its peak.

He urged members to work toward surmounting the challenges of low investments, poor gas infrastructure in the midstream and downstream sectors and grow employment in the process.

“The MDGIF is not merely a fund; it is a vehicle for progress, a conduit for prosperity and a catalyst for sustainable development.

“This alignment should, in turn, lead to a tangible reduction in the prices of Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG0), benefitting particularly the low-income earners in our society,” Ekpo said.

The minister said with the collective expertise and commitment of the governing council, as well as the support of relevant stakeholders, it would drive innovation, create employment opportunities and ensure energy security.

Mr Farouk Ahmed, Authority Chief Executive, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and member of the Council, who spoke  on behalf of other members  promised that they would not leave any stone unturned at ensuring a successful assignment.

The News Agency of Nigeria (NAN) reports that President Bola Tinubu had recently approved the appointment of a governing council of the MDGIF which is domiciled at the NMDPRA’s headquarters in Abuja.

Members of the MDGIF Governing Council include Mr Oluwole Adama, Executive Director; Mr Joseph Tolorunshe, Secretary and Mr Farouk Ahmed, Authority Chief

Others are: representatives of the Central Bank of Nigeria (CBN); Federal Ministry of Finance; Independent members — Ms Amina Maina (North-East); Mr Edet Ubong (South-South); and Mr Tajudeen Musa (South-West). (NAN)(www.nannews.ng)

Edited by Salif Atojoko

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