“Lets Work Together To Unlock The Vast Potential Of Nigeria’s Gas Sector” – Ekpo

By Miriam Humbe

The Minister of State for Petroleum Resources (Gas), Rt.Hon.Ekperikpe Ekpo has charged members of the Governing Council of the Midstream Downstream Gas Infrastructure Fund, (MDGIF) to work together to unlock the vast potential of Nigeria’s Gas Sector and propel Nigeria to a new height of economic prosperity.

Oluwakemi Ogunmakinwa (Mrs.), the
Deputy Director, Press and Public Relations in the Ministry revealed this in a statement signed on Friday.

The Minister who is also the Chairman of the Council gave the charge in his address during the inauguration meeting of the members of the governing council of Midstream Downstream Gas Infrastructure Fund (MDGIF) on 8th March, 2024 in Abuja.

The Minister said: “I call upon all stakeholders, both domestic and international, to join hands with us in this noble endeavour 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.”

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.

The Chairman of the Council stated that the MDGIF represents not just a financial instrument, but a symbol of 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.

Ekpo who was mindful of the challenges that lie ahead, expressed optimism that those challenges are opportunities in disguise and with strategic planning, prudent governance, and collaboration, Nigeria would overcome them.

He called on all stakeholders, both domestic and international to join hands with the country in this noble endeavors in line with the recently signed Executive Orders on Petroleum Sector Reforms to boost investment in the oil and gas sector.

Ekpo expressed his gratitude to President Bola Tinubu for entrusting him with the responsibility of chairing the MDGIF.

He opined that with dedication of the Governing Council and support of all stakeholders, a success story would be written for generation 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).