- The Federal Government will release ₦400 billion for gas infrastructure within two weeks, following last year’s ₦122 billion release.
- Minister Ekpo urges Akwa Ibom residents to ensure their projects are bankable and go through proper scrutiny before receiving funding.
The Federal Government has disclosed that it will release ₦400 billion for gas infrastructure in the next two weeks. The Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, made this statement during the groundbreaking ceremony of the 10MMSGF/F CNG Mother Station in Esit Eket Local Government Area, Akwa Ibom State.
Ekpo confirmed that the government is committed to promoting cleaner, environmentally friendly energy. This new ₦400 billion comes after the government released ₦122 billion last year for gas infrastructure.
Ekpo urged people from Akwa Ibom to consult with Nsik Oil and Gas. He said their projects must be bankable and go through the Transaction Adviser’s review.
Once approved, they will receive funding. Ekpo encouraged Nigerians, especially Akwa Ibom residents, to take advantage of the country’s natural resources and shape their future.
He also asked local governments to provide a supportive environment for the project. Ekpo said, “It is left for you to provide a conducive environment so that this project will thrive.”
Nsikan Johnny, the Chairman and CEO of Nsik Oil and Gas, expressed excitement about the project. He said the ceremony marks a significant step toward providing safer, cleaner, and more affordable energy. According to him, the project supports President Bola Tinubu’s Renewed Hope Agenda, which aims to drive economic growth and improve communities.
Johnny thanked the Federal Government, the Governor of Akwa Ibom State, Umo Eno, and the Midstream and Downstream Gas Infrastructure Fund for creating a peaceful environment for gas development.
Project Consultant Mr Mkposong Asuquo said the project is part of the Renewed Hope Agenda. He said it encourages private local participation in the oil and gas industry. He further revealed that the project will create jobs, bring new technology, and provide efficient gas compression services to companies and individuals.