- The NCDMB investments aimed at fostering the establishment of critical infrastructure, including a modular refinery, LPG manufacturing plant and storage/filling facilities, and gas processing plants.
- The Board also has interests in deepening LPG and CNG use in Nigeria.
A new report recently released by the Nigerian Extractives Industries Transparency Initiative (NEITI) has shown that the Nigerian Content Development and Monitoring Board (NCDMB) invested N46.8 billion to boost 11 gas and petrochemical companies in 2020 and 2021. In the Fiscal Allocation and Statutory Disbursement (FASD) audit report, between 2020 and 2021, the NCDMB invested a substantial amount of N46.8 billion ($122.05 million) in various companies to acquire equity interests and support the development of critical projects.
The investments aimed at fostering the establishment of critical infrastructure, including a modular refinery, Liquified Petroleum Gas (LPG) manufacturing plant, gas processing plants, and LPG storage/filling facilities. It is important to note that the NCDMB had previously said it is committed to supporting local firms to set up projects covering modular refining, gas processing, gas distribution, power generation, and manufacturing. The Board also has interests in deepening LPG and compressed natural gas (CNG) use in Nigeria.
Natural gas and petrochemicals will play a major role in future energy systems, especially in emerging economies like Nigeria. At the September 2023 Gastech conference in Singapore, experts unanimously affirmed natural gas as the optimal choice for the energy transition.