The Federal Government has announced plans to inject N400 billion into gas infrastructure development across Nigeria within the next two weeks.
The Minister of Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, made this disclosure on Thursday during the groundbreaking ceremony of a 10MMSGF/F CNG Mother Station in Esit Eket Local Government Area, Akwa Ibom State.
This latest funding follows the N122 billion gas infrastructure fund released last year, as part of the government’s continued efforts to expand Nigeria’s gas sector.
Ekpo urged stakeholders, especially Akwa Ibom entrepreneurs, to seize the opportunity and ensure their projects are viable for funding. He emphasized that all proposals must pass through rigorous screening by a transaction adviser before approval.
“Your project must be bankable. The transaction adviser will approve it before it gets to me. Once it is approved, you can be sure the funds will be released.”
The minister reaffirmed the government’s commitment to cleaner energy solutions and urged local authorities to support initiatives that foster economic development.
Speaking at the event, the Chairman/CEO of Nsik Oil and Gas, Mr. Nsikan Johnny, hailed the move as a major milestone in providing affordable and environmentally friendly energy solutions for Nigerians.
Similarly, Project Consultant, Mr. Mkposong Asuquo, highlighted the potential economic and technological benefits, noting that the investment would create employment opportunities and enhance gas compression infrastructure in Nigeria.
The initiative aligns with the FG’s push for alternative energy sources, including Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG), aimed at reducing transportation costs and promoting a cleaner environment.
