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), 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, and 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.
Members of the MDGIF Governing Council include Oluwole Adama, Executive Director; Joseph Tolorunshe, Secretary, and Farouk Ahmed, Authority Chief Executive, Nigeria Midstream and Downstream Petroleum Regulatory Authority.
Others are representatives of the Central Bank of Nigeria (CBN); Federal Ministry of Finance; and Independent members — Ms Amina Maina (North-East); Edet Ubong (South-South); and Tajudeen Musa (South-West).