The Federal Government of Nigeria has announced plans to inject an additional N400 billion into the country’s gas infrastructure development fund in the next two weeks.
The announcement was made by the Minister of Petroleum Resources (Gas), Obongemem Ekperikpe Ekpo, during the groundbreaking ceremony of the 10MMSGF/F CNG Mother Station facility at Esit Eket Local Government Area in Akwa Ibom State.
Speaking at the event, Ekpo emphasized the government’s ongoing commitment to providing cleaner, more environment-friendly energy solutions.
He stated that the N400 billion is part of the government’s broader strategy to boost gas infrastructure and improve access to cleaner energy across the country. This new injection follows last year’s release of N122 billion for similar purposes.
Minister Ekpo also outlined the procedures for accessing the funds, ensuring that projects will be scrutinized to ensure their viability.
He explained that any potential beneficiaries, particularly from Akwa Ibom State, will be required to go through a thorough vetting process to guarantee the bankability of their projects.
“Let me hint to you: in the next two weeks, I am going to release more money, and this may be up to N400 billion. Any Akwa Ibom son or daughter involved should consult with Nsik Oil and Gas.
Your project must be bankable, and the Transaction Adviser will approve it,” Ekpo clarified. “It’s not about the Minister being from Akwa Ibom and automatically approving everything.
Your project must pass the scrutiny process, and when it’s presented to me, you can be assured that the money will be released.”
Ekpo’s comments underscored the importance of proper project assessment and transparent approval processes, ensuring that funds are allocated to feasible and sustainable projects that will contribute to the country’s long-term energy goals.
The N400 billion gas infrastructure fund is part of the government’s broader efforts to diversify energy sources and promote the use of natural gas as a cleaner alternative to traditional fossil fuels.
The development of gas infrastructure is seen as crucial for enhancing energy security, reducing environmental impact, and creating jobs within the energy sector.
In addition to its environmental benefits, the gas infrastructure funding is expected to improve the availability of gas for both industrial and domestic use, thereby supporting Nigeria’s industrialization goals and economic growth.
The injection of N400 billion into gas infrastructure is set to accelerate the development of Nigeria’s energy sector, contributing to the ongoing efforts to achieve sustainable energy solutions.
The government’s proactive approach in supporting bankable projects will help ensure the efficient and transparent use of the funds, enabling a stronger and more resilient energy infrastructure across the country.
