By Emmanuella Anokam

The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has identified transparency, accountability, research, technology and innovation as key drivers of the ongoing transformation in the company.

Mr Olalekan Ogunleye, Executive Vice-President, Gas, Power and New Energy, NNPC Ltd., said this while speaking during a Panel Session hosted by the NNPC Ltd. at the ongoing 2024 CERAWeek Conference in Houston, U.S.

Ogunleye, whose session addressed the theme: “Africa’s Energy Future: Access, Investment & Sustainability”, said under the current leadership of Mr Mele Kyari, the company had institutionalised the use of modern technology to drive its operations.

Ogunleye, in a statement by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., said the development had created tremendous value for the company in its quest to compete with its global peers.

“With the coming of the Petroleum Industry Act (PIA 2021), NNPC Ltd. has transformed into an integrated commercial entity, focused on transparency and accountability.

“They are the two core values that are vital towards the Company’s quest to float an Initial Public Offer (IPO) at the stock exchange.

“Over the last five years, the NNPC Ltd. has been pushing the agenda of transparency, accountability and performance excellence. I am glad to say that we are setting very high standards, and this is a journey that we are all committed to going forward,” Soneye quoted Ogunleye as saying.

He further observed that transparency and accountability have a commercial component to them, because they can make any organisation attractive to its partners and potential investors.

According to him, currently, the NNPC Ltd. is working assiduously to become IPO-ready, stressing that once that is done, the IPO will be phenomenal and successful.

Ogunleye, who described the future as exciting for the NNPC Ltd., said as the biggest energy company in Africa with the biggest resources and largest market, the company remained committed to delivering value to its shareholders.

He said gas would continue to be an important resource for Africa because it is the surest tool for economic development and for delivering better living standards for the teeming population on the continent.

He called on all gas players to sustain the advocacy for gas as a major energy source that will be utilised to develop the economic and industrial fortunes of the continent.

“Gas has come to stay. It is going to be part of the energy mix for us in the long term. We shall continue to be at the forefront of accelerating gas development and commercialisation in Nigeria,” he added.

Other energy experts on Ogunleye’s panel included Daniel Berkove, Senior Advisor, S&P Global; Emmanuel Mugagga, Chief Financial Officer, Uganda National Oil Company and Benjamin Acolatse, Deputy Chief Executive Officer (Finance and Administration), Ghana National Petroleum Corporation. (NAN) (www.nannews.ng)

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Edited by Vivian Ihechu

By Emmanuella Anokam

Mr Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC Ltd.) has advocated a different approach towards attaining energy transition for the African continent.

Kyari also said the Final Investment Decision (FID) on the 25 billion dollars Nigeria Morocco Gas Pipeline (NMGP) Project would be taken in December 2024.

He made the remarks on Tuesday during a Leadership Dialogue Session at the ongoing CERAWeek Conference in Houston, U.S. tagged, “Multidimensional Energy Transition: Markets, Climate, Technology and Geopolitics.”

Kyari, in a statement by Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., said a differentiated approach became necessary as global calls for transition to cleaner energy fuels continued to grow.

According to the GCEO, energy transition is a difficult subject for countries especially in sub-saharan Africa because geographically, the situations are different as many countries are dealing with energy availability.

“The world has seen all the challenges thrown up recently by geopolitical events. It is clear that before energy transition, countries must first attain security of energy supply in their countries.

“You cannot talk about energy security when it is not even available.

“In most sub-Saharan Africa, 70 per cent of the population don’t have access to clean cooking fuels. Therefore, you must fill the supply gap first,” Kyari stated.

He said although people talked about using the renewables to close the energy transition gap, the money for the renewables too must be found.

“If you insist on completing substitution today, then you have to deal with the problem of supply. For us today, the transition must be differentiated.

“Even if Africa decides to switch off its fossil fuels, it only accounts for just about three per cent of the entire global emissions,” the GCEO added.

He said the NNPC Ltd. was focused on building its capacity to deliver gas to the domestic market and beyond.

He said as a gas-endowed country, Nigeria must utilise its abundant gas resources to provide the alternative fuel that it required.

“We understand the arguments towards attaining energy transition, but the cheapest way to achieve that is through gas.

“We see clear opportunities that gas creates. Today we are building a number of trunk lines and other gas infrastructure that will supply gas to a number of gas networks,” Kyari noted.

The GCEO said there was an ongoing engagement on the Nigeria Morocco Gas Pipeline Project, which had reached advanced stage, to create a pipeline that would pass through 13 African countries and all the way to Europe.

He stated that as the largest oil and gas company and corporate entity in Africa, the NNPC Ltd. was critical to Nigeria’s resource management and economic development.

He said the Petroleum Industry Act had reformed Nigeria’s oil and gas industry.

He said it ensured that NNPC Ltd. emerged as a fully commercial entity, not only accountable to its shareholders, but also on the pathway of getting quoted on the stock exchange.

“Nigeria is fighting the menace of crude oil theft frontally and through the joint efforts of government and private security agencies.

“There has been some reasonable improvements in the restoration of the nation’s crude oil production.

“It is an abnormal situation, but it is well within control. We were able to recover some of our production and build back confidence so that investors can bring in their money.

“We are also doing global advocacy to governments and institutions, because stolen oil has to be taken to the market,” he stated.

He said an example of the improved security situation was when in 2022, Nigeria’s production fell below 1 million barrels per day, which was restored to 1.7 million barrels per day.

CERAWeek is one of the largest energy conferences in the world.

It attracts global energy industry experts and other corporate and government leaders from around the world annually to Houston, U.S. for a week-long conversation on the future of energy. (NAN)(www.nannews.ng)

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Edited by Salif Atojoko

By Emmanuella Anokam

The three tiers of government – Federal, state and local governments – shared N10.143 trillion from the Federation Account as statutory revenue allocations in 2023.

Dr Orji Ogbonnaya Orji, Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), said this in a report on the Federation Account revenue allocations for the year 2023 released in Abuja on Tuesday.

Orji said the NEITI FAAC Quarterly Review was carried out to enhance public understanding of Federation Account allocations and disbursements as published by government.

He explained that the ultimate objective of the report was to strengthen knowledge, awareness and promote public accountability of all institutions in public finance management.

He said a breakdown of the revenue receipts showed that the federal government received N3.99 trillion, representing 39.37 per cent of the total allocation.

He added that the 36 states got N3.585 trillion representing 35.34 per cent while the 774 local government councils shared N2.56 trillion, equivalent to 25.28 per cent.

“A further analysis of the N10.143 trillion disbursements in 2023 showed an increase of N1.934 trillion or 23.56 per cent when compared to the disbursement of N8.209 trillion shared in 2022.

“The review attributed the increase to improved revenue remittances to the Federation Account due to the removal of petrol subsidy and the floating of the exchange rate by the new administration.

“While total revenues distributed from the account recorded an increase of 23.56 per cent in 2023, the increase accruing to each tier of government varied due to the type of revenue streams contributing to the inflows into the Federation Account,” he said.

The executive secretary said the NEITI Quarterly Review of 2023 FAAC allocations revealed that the federal, state and local governments cumulatively received N1.934 trillion more than the amount shared in 2022.

He said allocation for the first quarter of 2023 increased by N579.71billion (33.19 per cent) when compared to the first quarter of 2022, while the second, third and fourth quarters increased by 10.32 per cent, 27.49 per cent and 23.42 per cent respectively.

“The Federal Government’s share increased by N574.21 billion (16.79 per cent) from the N3.42 trillion it received in 2022 to N3.99 trillion in 2023.

“The state governments shared N3.59 trillion in 2023 compared to the N2.76 trillion they got in 2022, showing an increase of 29.99 per cent.

“Similarly, local government councils’ share of federation allocation was N2.57 trillion in 2023 compared to N2.032 trillion in 2022.

“This amounts to a 26.22 per cent increase, while total distributed revenue from the Federation account recorded an increase of 23.56 per cent in 2023,” he said.

He explained that the increase that accrued to each tier of government varied, largely due to the type of revenue item that contributed to the inflows into the Federation Account.

“In the same period (2023), states and local governments recorded increases in their allocations of 29.99 per cent and 26.22 per cent respectively.

“The increase in allocation to the Federal Government, however, was 16.79 per cent,” he said.

Orji further said the state-by-state share of the allocations showed that Delta State received the largest share of N402.26 billion (gross), followed by Rivers which received N398.53 billion.

According to him, the figure is inclusive of the state’s share of oil and gas derivation revenue.

“Akwa-Ibom State received the third largest allocation of N293.58 billion, Nasarawa State received the least amount of N73.32 billion, while Ebonyi and Ekiti states received N73.91 billion and N74.04 billion respectively.

“The review observed that the first five states that topped the allocation during the period under review are amongst the major oil producing states in the country,” said Ogbonnaya.

On the share of 13 per cent derivation revenue, he said nine states received the 13 per cent allocated to mineral producing states from proceeds of mineral revenue.

“The derivation revenue remains a significant portion of revenue for states like Delta, Akwa Ibom, Anambra and Rivers states.

“Also, the derivation revenues of states such as Delta, Akwa Ibom, and Bayelsa, which were 161.47 per cent, 141.25 per cent and 127.89 per cent respectively, eclipsed their statutory revenues.

“Rivers State’s derivation revenue was 74.15 per cent during the period. Notably, the other five oil producing states recorded lesser derivation revenue compared to the four above.

“For example, Ondo State had 27.71 per cent, Edo had 30.04 per cent, while Abia, Anambra and Imo recorded a derivation revenue of about 20 per cent or less,” he said.

The NEITI report noted that solid minerals producing states did not receive derivation revenues during the last quarter of 2023 because of the need to allow revenues to accumulate over a period of time before sharing. (NAN)(www.nannews.ng)

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Edited by Salif Atojoko

By Emmanuella Anokam

An Energy Expert, Prof. Billy Okoye has unveiled `AptFuel Technology’, an application capable of navigating and accessing availability, prices and ratings of petroleum products at fuel stations nationwide.

Okoye, Coordinator, Oil, Gas and Energy Marketing, University of Abuja Business School and a former Group Executive Director, Nigerian National Petroleum Company Limited, unveiled the application alongside two books on Thursday in Abuja.

The two books he authored are entitled ‘Dynamics of Petroleum Products Marketing’ and ‘Insight into Crude Oil Marketing’.

The News Agency of Nigeria (NAN) reports that the application which could be downloaded from the Google Play Store is a recognised system globally that automates processes at midstream and downstream petroleum value chain.

Okoye said the app was built specifically because of the current challenges witnessed in the distribution, accessibility and pricing of petroleum products especially during scarcity.

According to him it will help to assess fuel prices, transactions, proximity and market dynamics, among others.

He said the two books aimed at navigating the volatile and changing world of crude oil market realities.

Mr Damat Abdullahi, the Chief Executive Officer, Damat and Sons Limited while reviewing the technology, said the application would help people to determine product availability at preferred destination for refuelling.

According to Abdullahi, the current happenings concerning deregulation show that there will be different price variations which will open a window for people to have choices in the prices of petroleum products.

“At the comfort of your home, once you download AptFuel mobile application in your phone, it will give you an insight of the fuel station to utilise in terms of proximity, product availability and best rated according to users.

“It has a Navigation system such as the `Uber’ app which will help one to choose a preferred station from one’s comfort zone after comparing prices, then navigate your driving to the station,” he said.

He said the initiator (Okoye) had overtime studied the problems encountered by Nigerians and motorists concerning transactions while trying to pay at the fuel stations after fuelling their vehicles.

He said on this background, users could access the application’s `Instant Wallet’ which could allow code generation to be given to a third party (driver) at stipulated price to be scanned by a fuel attendant for accurate sale and value.

“It is billed to have four different applications synchronised to give quick access and navigation or tracking system that will take you through the comfort of your home to the fuel station with ease,” he said.

Malam Mele Kyari, Group Chief Executive Officer, NNPC Ltd. lauded the author for his gestures, zeal and energy in documenting oil and gas processes as well as his urge for knowledge transfer in the academia.

“We recommend these books not only to Nigerians but to the international community to learn what Nigeria has passed through, the struggle of the past and present NNPC Ltd. to keep vehicles on the road,” he said.

Kyari, represented by Chief Financial Officer, NNPC Ltd., Alhaji Umar Ajiya, said the trajectory of refining products outside Nigeria would change in 2024 hence crude would be refined in Nigeria.

“Nigerians will no more buy petroleum products refined abroad, rather products will be refined locally,” he added.

In an address, Prof. Abdul-Rasheed Na’Allah, Vice Chancellor, University of Abuja, who described Nigeria as the sixth biggest oil producer globally, emphasised the need to harness properly the resources through best strategies occasioned by the books.

Mr Olakekan Ogunleye, Executive Vice-President at the NNPC Ltd. reviewed the ‘Dynamics of Petroleum Products Marketing’ while Alhaji Farouk Ahmed, Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority reviewed the ‘Insight into Crude Oil Marketing’.

The unveiling of the books was anchored by Mr Debo Olujimi, Group Managing Director, Emadeb Energy Limited.

NAN reports that the books serve as valuable resources for understanding the dynamics, challenges, strategies and logistics, shaping crude oil markets in a competitive environment. (NAN)(www.nannews.ng)

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Edited by Abiemwense Moru

By Emmanuella Anokam

The Organisation of Petroleum Exporting Countries (OPEC) said crude oil output increased mainly in Nigeria and Libya, while production in Iran and Iraq decreased.

OPEC said based on secondary data sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February with 203 tb/d higher, month-on-month (m-o-m).

OPEC said this in its Monthly Oil Market Report (MOMR) released for March.

The report stated that in February, Nigeria’s crude oil production rose to 1.476 million barrels per day (bpd) against 1.429 bpd recorded in January.

It said Libya recorded 1.167 m/bpd in February against 1.023 m/bpd recorded in January.

Conversely, the report said Iraq decreased in production from 4.217 m/bpd in January to 4.203 m/bpd in February, while Iran produced 3.148 m/bpd in February against 3.163 m/bpd.

According to OPEC, it obtains its crude oil production figures from two sources, either as Direct Communication by member countries or information released by secondary energy intelligence platforms.

The report further stated that Nigeria’s Gross Domestic Product (GDP) witnessed an increase of 3.2 per cent, year-on-year (y-o-y) in Quarter four of 2023 (4Q23).

OPEC said this led to an annual growth rate of 2.9 per cent for 2023.

This, it said, was primarily fuelled by advancements in the agricultural sector. (NAN)(www.nannews.ng)

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Edited by Salif Atojoko

By Emmanuella Anokam

The Association of Nigerian Refineries Petroleum Marketers on Monday appointed Comrade Ikechukwu Chukwu as its National Task Force Coordinator 1 and Mr Innocent Ogu as secretary.

Mr Usman Ali, Chairman, Board of Trustees of the association, announced the appointments at a news conference in Abuja.

He said the appointments would boost efforts to eliminate irregularities in the petroleum industry, and reposition the association to offer stronger support to Nigeria’s petroleum sector.

“This is to foster stronger support for the present administration and to see more economic growth through elimination of bunkering, exploitation, hoarding, sharp practices, artificial scarcity and adulteration of products,” he said.

Ali urged the new appointees to swing into action immediately to ensure that the mandate of the association was achieved.

He said the association had the mandate to prosecute any defaulters, and that towards this end, it was collaborating with relevant security agencies in the country.

Ali said plans were underway to organise a stakeholders meeting scheduled for March 23 in Abuja.

He said the event would serve as a platform where State Task Force Coordinators and other important officers would be appointed.

He pledged the association’s commitment to promoting the welfare and interest of its members operating petrol stations.

He urged the newly appointed officials to promote peace, unity and good relations among members of the association.

Ali also reminded them of the need to assist one another, especially in the area of capacity building to ensure that members were gainfully employed.

He emphasised the need to mobilise members of the association to import petroleum products, to build modular refineries, filling stations, gas plants, renewable/alternative energy products and consumer shops.

This, he said, would meet the increasing demand of goods and services and price stability.

In his acceptance speech, Chukwu commended members of the association for the trust reposed in him and promised not to disappoint them.

Similarly, Ogu pledged to relate with other stakeholders to ensure the mandate of the association was achieved.

The News Agency of Nigeria (NAN) reports that the association’s objectives include ensuring availability, easy access and even supply of unadulterated kerosene, cooking gas and fuel to members and non-members at reasonable and affordable prices.

The association also aims at eliminating bunkering, exploitation, hoarding, dubious middlemen, sharp business practices, artificial scarcity and adulteration of fuel products in the chain of distribution, while offering effective services. (NAN)(www.nannews.ng)

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Edited by Salif Atojoko

By Emmanuella Anokam

Some Gas Dealers and FCT residents have decried the surge in the price of Liquefied Petroleum Gas (LPG), known as cooking gas.

According to them, the Federal Government should as a matter of urgency wade into the issue.

The dealers and residents who spoke to the News Agency of Nigeria (NAN) on Sunday in Abuja expressed dissatisfaction over the constant rise in the price of the product and its attendant effects.

Cooking gas is currently sold between N1, 300 and N1, 600 per Kg as against N900 in November 2023 and N1, 000 sold in January 2024.

Mr Promise Ajujumbu, the Chief Executive Officer of Promise of God Gas Company, who decried the steady rise in LPG price attributed it to high foreign exchange and cost of transportation of the product.

Ajujumbu appealed to the government to intervene by boosting the local production of gas as well as stabilise the naira because the forex was affecting the cost of LPG greatly.

According to him, 20 tonnes of LPG being sold at N9 million, rose to N19 million currently.

NAN reports that the Automotive Gas Oil (AGO), known as diesel is used by petroleum transporters and distributors to fuel their trucks which distributes petroleum products to different parts of the country.

Chief Chukwuma Kalu, an official of the Shore Gas Limited said high cost of diesel for transportation of petroleum products, including gas to various routes in the country was a major cause of the surge.

Kalu told NAN that diesel was being sold at about N1, 300 per litre and to fuel a truck to transport gas from Lagos to Abuja requires about 1,000 litres of diesel.

“To transport gas from Lagos to Abuja is very high and requires more than N1.5 million. There is nowhere that gas is cheaper in Nigeria, it boils down to cost of transportation.

“The cost at which the end users are buying gas currently is just the surviving cost of the gas plant because dealers are selling at a loss and only sell to maintain their customers.

“In the station, we also use diesel to power our plant for more than 12 hours to dispense gas to customers apart from the electricity token, we buy in addition to multiple taxes/levies we pay in the FCT,” he said.

According to him, the upper takers/major distributors, who import or take directly from the Nigeria Liquefied Natural Gas buy the product in dollars which is affecting the cost too.

He called for a sustainable government policy that could be impactful on the masses economically and socially.

Mrs Grace David, a petty business owner also expressed sadness on the price surge, adding that it had made her to resort to the use of firewood and charcoal (Biomass), though not so cheap but served as a relief.

“With the high standard of living currently, it is very worrisome, the government should quickly intervene and bring succour to the citizens,” she said.

Another user, Mr Lawrence Nze said the rate of the increase in LPG price required fast intervention to mitigate the negative effect on the poor masses who were struggling to survive since fuel subsidy removal.

“We are faced with high inflation rate, high food prices, high electricity tarrif and high cost of transportation among others. Still salary remains the same.

“People are not finding it easy at all, they are passing through a lot, let the common man be happy,” Nze said.

The National Bureau of Statistics (NBS), in its “Cooking Gas Price Watch” for January 2024, said that the average price of 5kg of cooking gas increased from N4,962.87 recorded in December 2023 to N5,139.25 in January 2024.

The NBS said the average price of 5kg of cooking gas increased on a year-on-year basis by 12 per cent from N4,588.75 recorded in January 2023 to to N5,139.25 in January 2024.

Analysis by zone showed that the North-East recorded the highest average retail price at N5,296.32 for 5kg cooking gas, followed by the North-Central at N5,240.36.

NAN recalls that the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo recently said it was interacting with critical sectors to halt exportation of LPG in view of its rising cost.

He said all LPG produced within the country would be domesticated to crash the price of gas. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

By Emmanuella Anokam

The Nigeria Extractive Industries Transparency Initiative (NEITI) has decried the 18 per cent participation of women in the oil and gas sector, and called for inspired inclusion and gender justice.

The NEITI said its oil and gas industry report showed that all top high level management positions in the industry were dominated by men.

Dr Orji Ogbonnaya Orji, Executive Secretary/CEO, NEITI, said this at the commemoration of 2024 International Women’s Day (IWD) by NEITI on Friday in Abuja.

The International Women’s Day is celebrated globally every March 8 by advocating for equity, inclusivity, gender justice, wider opportunities for women, career advancement without discrimination and security in work environment.

The 2024 IWD campaign has the theme: “Invest in Women: Accelerate Progress.”

Orji said in NEITI’s 2021 oil and gas industry report, employment data from 56 out of 70 oil companies indicated that out of 19,171 employees, 15,639 or 82 per cent were men while 3,532 or 18 per cent were women.

“The disclosure is far from the national average of 35 per cent. From the same gender balance data, all top high level management positions in the industry are dominated by men.

“And in NEITI, out of five Chairs of NEITI Board so far, one and in-fact the founding Chair is a woman. And of four Executive Secretaries/CEOs so far, one is a woman.

“And to highlight the special accomplishments of women, only the two women that headed NEITI, Dr Obiageli Ezekwesili and Dr Zainab Ahmed were elevated from NEITI to ministers, while one landed top positions later at the World Bank.

Orji said NEITI organised the event to domesticate ideals of the IWD into its operations, in line with global Extractive Industries Transparency Initiative (EITI) requirements, while promoting public awareness on the importance of women participation.

He said it deliberately created a special unit, under the Policy, Planning and Strategy Department called the Gender and Environmental Unit to ensure women’s inclusion in extractive governance and EITI processes, report on gender distribution and participation.

He said the EITI standards required implementing countries to promote greater diversity in decision making; document and publicly disclose women participation, gender, social, environmental issues in the extractive Industries.

According to him, EITI reports are also required to highlight the risks that women are confronted with in rural host communities where oil, gas and mining exploration activities take place.

This, he said, would ensure that the natural resources endowments in those communities did not deny women and other vulnerable groups access to basic sources of their family existence, health care facilities and environmental safety.

“And where this is the case as it is in most communities in resource rich countries in sub-Saharan Africa including Nigeria, EITI Reports are required to recommend and document measures to address such risks,’’ he added.

The News Agency of Nigeria (NAN) reports that the event featured Mrs Abike Dabiri-Erewa, Director General, Nigeria in Diaspora Commission (NiDCOM) as the Special Guest of Honour to mark NEITI’s 2024 IWD celebration tagged, “Inspired Inclusion.”

Orji, who described her as a remarkable woman, a renowned broadcaster, widely travelled, experienced journalist, a technocrat-politician, a parliamentarian and woman activist, said her story/experiences could inspire others.

“She has joined us to speak to NEITI ladies and guests, answer questions on career development, work-life-family balance, privileges/challenges women face in work environments, risks, opportunities and the way forward,” the executive secretary said.

Dabiri-Erewa, in a presentation tagged, “Women in the Work Environment – Opportunities, Risks and Challenges,” said being a career woman could be very challenging but women should always aim to overcome with determination.

She encouraged women to avoid being held down, inferiority, not to entertain fear in the line of duty; rather to uphold integrity, self-respect, discipline and show determination and strength.

Dabiri-Erewa, who urged women to strive for inclusiveness and equitable society, said women should deal with principles and should not be afraid of criticism as they pursued their goals in life.

Also speaking, Falmata Kwaku, Head, Gas Processing Plant and Installation, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), called for mentorship, support and building a community that could uplift women and creating inclusive environment.

In her remarks, Mrs Stephanie Etareri, Assistant Team Lead, Gender and Environment, NEITI, reiterated its commitment to promote gender justice across the value chain in the extractive sector.

Etareri said she hoped that Dabiri-Arewa’s speech would inspire changes in the dynamics of the gender inclusion. (NAN) (www.nannews.ng)

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Edited by Salif Atojoko

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)

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Edited by Salif Atojoko