In order to repair the country’s gap in gas infrastructure over the next 10 years, the Federal Government said Tuesday that annual investments of around $20 billion are needed.
Chief Timipre Sylva, Minister of State for Petroleum Resources, made this announcement in Abuja during a meeting of the MDGIF’s Governing Council for the Midstream & Downstream Gas Infrastructure Fund.
The inauguration brings the Federal Government one step closer to completing the vitally important task of developing the nation’s gas industry.
The nine members were given a significant task by Chief Sylva: raising money to build the essential infrastructure for the gas business.
The Minister stated that because the Fund is a Directorate under the Authority, it should gain from the Authority’s internal reporting, operational, and organizational processes. The Minister also stated that in accordance with the PIA, 2021, the Council “shall supervise and make investment decisions for the Fund.”
The Governing Council is given the authority to oversee and choose the Fund’s investments under Section 52(3).
Sylva urged the Council members to take their task seriously, saying that value could be added to the economy and employment could be created in the midstream and downstream sector.
To help the government chart a clear course for attaining the lofty goals of creating the Fund, he added, “there is an urgent need to focus on the major strategic plans and critical activities.”
Terms of reference for the Council include identifying critical and relevant stakeholders that can increase domestic utilisation of natural gas, LPG and Auto gas, and develop a roadmap for transforming gas to a value addition product in Nigeria.
The Council has the Minister of State Petroleum Resources as Chairman and the Executive Director MDGIF as chief executive officer.
Other members of the Council include Dr Scholastica Nnaji representing the Central Bank of Nigeria (CBN); Mr Victor Omata representing Federal Ministry of Finance, Farouk Ahmed Chief Executive Nigerian Midstream Downstream Petroleum Regulatory Authority; Mr Ahmed Bobboi; Abdullahi Bukar; Mr Effiong Abia while the Legal Adviser, NMDPRA, will serve as the Secretary of the Council.
