FG to disburse N122bn MDGIF to Asiko, Ibile Oil & Gas, 4 indigenous other companies to deliver critical gas projects
… funding will enable 6 companies to deliver critical gas projects that increase gas utilisation, strengthen energy security – Ekpo
Oredola Adeola
The Federal Government of Nigeria, through the Midstream and Downstream Gas Infrastructure Fund (MDGIF), has committed N122 billion naira to Asiko Energy Holdings Limited (AEHL), FEMADEC Energy Limited, IBILE Oil & Gas Corporation (IOGC), Nsik Oil and Gas Limited, Rolling Energy Limited, and Topline Limited indigenous companies developing gas projects to drive the deployment of gas across Nigeria.
Louis Ibah, Spokesman to the Minister stated that the companies were carefully selected based on their track record of excellence and commitment to supporting Nigeria’s gas revolution.
The Minister said, “This partnership between the public and private sectors will transform Nigeria’s gas industry, accelerating our journey towards energy security, industrial growth, and economic prosperity.”
He commended President Bola Tinubu’s efforts to foster business relationships and collaboration to achieve Nigeria’s energy security objectives.
The Minister further stated that the selection process was rigorous, with each company chosen for its exceptional performance and dedication to Nigeria’s gas development.
“The MDGIF is a catalyst for investment and bridging gaps in the gas value chain by ensuring the financing and delivery of critical projects.
“We urge the beneficiaries to utilize these funds judiciously, maintaining the same zeal and dedication that earned them selection as the first batch of MDGIF beneficiaries,” Ekpo explained.
Additional batches of beneficiaries will be selected in subsequent rounds, Ekpo said.
The Minister further emphasized that the MDGIF investment aligns with the goals of the Decade of Gas Initiative, aimed at harnessing Nigeria’s gas resources for socio-economic growth.