The Midstream and Downstream Gas Infrastructure Fund says it will continue to invest in economically valuable and commercially viable
projects that aim to boost domestic natural gas consumption in Nigeria.
MDGIF’s executive director, Oluwole Adama, made this statement on Thursday at the commissioning of the MDGIF/FEMADEC Integrated CNG Refuelling Infrastructure at Yakubu Gowon University, Abuja (formerly UniAbuja).
The CNG Special Palliative Relief on University Transportation project is being delivered through a strategic partnership among the MDGIF, the Presidential Compressed Gas Initiative, and FEMADEC Energy.
The project aims to deploy CNG buses, tricycles, conversion centres and refuelling infrastructure to university campuses nationwide.
Mr Adama thanked President Bola Tinubu for constituting and inaugurating the MDGIF governing council in 2024 respectively.
“Your executive steer and the support you have provided cannot be easily quantified.
“There are initiatives like the ‘Oil and Gas Companies’ (Tax Incentives, Exemptions, Remission, etc.), termed as Executive Order 40 to unlock investment through fiscal incentives, and the P-CNGi to provide financial incentives for CNG conversion.
“They are commendable and have made our job easier. This enablement has been pivotal to our success,” Mr Adama explained.
He also expressed gratitude to the National Assembly for appropriating funds to the MDGIF in line with Section 52 of the Petroleum Industry Act 2021.
He thanked education minister Olatunji Alausa for coordinating and bringing together the vice-chancellors to not only support the project but see it as part of their key performance indicators.
“Investing in 20 CNG refuelling infrastructures in 20 Federal Universities over a short period is a difficult task.
“As we unveil this facility and three others located at Obafemi Awolowo University, Ahmadu Bello University, and the Federal University of Technology, Owerri, we must congratulate FEMADEC Energy Limited for this feat,” he said.
He stated that the fund would encourage investment in other midstream and downstream gas infrastructure, including catalysing other businesses and also monetising flare gas.
“To achieve these, the MDGIF will continue to implement clear procedures for investment deal origination and project development.
“It will also ensure a coordinated approach to investment and prioritise investments in ventures with the highest potential for economic returns,” he said.
