April 20, 2024
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OIL & GAS RENEWABLE ENERGY

Nigerian Government Launches MDGIF to Reduce CNG and LNG Prices.

The Nigerian government has inaugurated the Governing Council of the Midstream and Downstream Gas Infrastructure Fund. The aim of the development is to reduce the prices of Liquefied Petroleum Gas and Compressed Natural Gas in the country.

The development was disclosed by Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, on Friday, during the inauguration of the seven-member council in Abuja.

The fund aims to attract $575 billion in investments in the Nigerian gas sector, the minister noted.

“The President’s confidence in my ability to chair the MDGIF is not just a personal honour but a clarion call to service for all of us.

“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 LPG and CNG, benefitting particularly the low-income earners in our society,” The minister stated.

As of last year, President Bola Tinubu appointed a governing council to lead the Midstream and Downstream Gas Infrastructure Fund

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