FG Launches MDGIF Governing Council to Boost Gas Sector

The Governing Council of the Midstream and Downstream Gas Infrastructure Fund (MDGIF) with the charge to grow investment has been inaugurated by the Federal Government.

The Governing Council was inaugurated by Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo on Friday in Abuja.

Mr  Ekpo urged the domestic and international stakeholders to collaborate with the management of the MDGIF to maximize investments in the gas sector.

Minister Ekpo, who doubles as the chairman of MDGIF, stated that the fund’s mandate, which is targeted at supporting the midstream and downstream gas infrastructure, aligned effortlessly with the aspirations of President Bola Tinubu’s administration.

He said the establishment of the MDGIF came at a critical juncture in Nigeria’s energy landscape when the strive for economic diversification and sustainable development with gas as a major component was at its peak.

He urged members to work toward surmounting the challenges of low investments, poor gas infrastructure in the midstream and downstream sectors and grow employment in the process.

“The MDGIF is not merely a fund; it is a vehicle for progress, a conduit for prosperity and a catalyst for sustainable development.

“This alignment should, in turn, lead to a tangible reduction in the prices of Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG0), benefitting particularly the low-income earners in our society,” Ekpo said.

The minister said with the collective expertise and commitment of the governing council, as well as the support of relevant stakeholders, it would drive innovation, create employment opportunities and ensure energy security.

Mr Farouk Ahmed, Authority Chief Executive, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and member of the Council, who spoke  on behalf of other members  promised that they would not leave any stone unturned at ensuring a successful assignment.

President Bola Tinubu had recently approved the appointment of a governing council of the MDGIF which is situated at the NMDPRA’s headquarters in Abuja.

Members of the MDGIF Governing Council include Mr Oluwole Adama, Executive Director; Mr Joseph Tolorunshe, Secretary and Mr Farouk Ahmed, Authority Chief

Representatives from the Central Bank of Nigeria (CBN), Federal Ministry of Finance, and three independent members: Ms. Amina Maina (North-East), Mr. Edet Ubong (South-South), and Mr. Tajudeen Musa (South-West).