The Federal Government has formally inaugurated members of the Governing Council of the Midstream Downstream Gas Infrastructure Fund with a charge for them to work closely with the Ministry of Petroleum Resources to successfully harness the enormous potential of the country’s natural gas resources.
Speaking at the inauguration meeting on Friday in Abuja, Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo who is also the chairman of the council, called for collaboration with all industry stakeholders in the effort to unlock the nation’s vast potential in natural gas.
He noted that the gas sector has the potential to propel Nigeria into a new height of economic prosperity.According to him, the MDGIF was put in place to actualize government determination to tap the huge potential of the sector for the transformation of the country’s economic development.
Ekpo, who called for stakeholders’ support 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.
He added that the MDGIF represents not just a financial instrument, but a symbol of the 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 that 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 endeavour in line with the recently signed Executive Orders on Petroleum Sector Reforms to boost investment in the oil and gas sector.
Speaking on behalf of other members, the chief executive of the Nigeria Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed 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 MDGIF to be domiciled in the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) with the following membership, Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo (Chairman); Oluwole Adama (Executive Director), Joseph Tolorunshe (Secretary).
Other members are NMDPRA Chief Executive, Farouk Ahmed, Representative of the Central Bank of Nigeria; Representative of the Federal Ministry of Finance; MDGIF Independent Member, MS Amina Maina (North East); MDGIF Independent Member, Edet David Ubong (South South) and MDGIF Independent Member, Tajudeen Bolaji Musa (South West).
