Nigeria sets a new course for economic prosperity with the inauguration of the Midstream Downstream Gas Infrastructure Fund (MDGIF), Governing Council.
Led by the Honourable Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, the council is committed to unlocking the potential of Nigeria’s gas sector.
During the inaugural meeting in Abuja, Minister Ekpo, who also chairs the council, emphasised the importance of collaboration among all stakeholders, both domestic and international.
This initiative aligns with the executive orders on petroleum sector reform recently signed by President Bola Tinubu, aiming to stimulate investment in the oil and gas industry.
The MDGIF is designed to support infrastructure development in the midstream and downstream sectors, in line with Nigeria’s national aspirations. Minister Ekpo highlighted the fund’s role as a beacon of progress and a testament to the government’s commitment to fostering an environment conducive to private sector participation and international collaboration.
Ekpo articulated the fund’s objectives beyond financial support, describing it as a vehicle for sustainable development, poised to make essential energy sources like Liquefied Petroleum Gas and Compressed Natural Gas more affordable, especially for low-income earners. Despite potential challenges, the minister remained optimistic about overcoming them through strategic planning, prudent governance, and collaboration.
The council’s establishment has been warmly received, with Engr. Farouk Ahmed, the Authority Chief Executive of the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and council member, vowing to leave no stone unturned in fulfilling the council’s mandates.
President Tinubu’s decision to domicile the MDGIF within the NMDPRA and appoint a diverse group of members, including industry experts and representatives from the Central Bank of Nigeria and the Federal Ministry of Finance, has been met with positive anticipation for the growth and development it promises to bring to Nigeria’s gas sector.
The council’s membership comprises notable figures such as Mr. Oluwole Adama (Executive Director), Mr. Joseph Tolorunshe (Secretary), and independent members from various regions, underlining the inclusive approach to achieving the fund’s ambitious goals.
With the support of stakeholders across the spectrum, the Governing Council of the MDGIF is poised to write a new success story for Nigeria’s gas sector, promising economic prosperity for generations to come.
