- FG provides ₦250 billion intervention for gas value chain
- Intervention to stimulate investment in the subsector
- Projects to be financed under the PIAF and NIRSAL funds
The Federal Government has provided a ₦250 billion funding facility for the gas subsector. The facility aims to improve investments in the gas sector for economic growth in the country. The Permanent Secretary, Ministry of Petroleum Resources Bitrus Nabasu, disclosed this on Sunday.
“Therefore, in an effort to stimulate finance to this critical sector, the Ministry of Petroleum Resources, in partnership with the Central Bank of Nigeria (CBN), introduced a ₦250 billion intervention facility to help motivate investment in the gas value chain.”
Large-scale projects under this facility are funded through the Power and Airlines Intervention Fund (PAIF). Small-scale projects will be funded under NIRSAL Micro Finance Bank and other participating institutions under the Agribusiness Small and Medium Enterprises Investment Schemes (AGSMEIS). All funding will be disbursed in line with existing guidelines and regulations of the fund.
The intervention, according to Nabasu will, “… fast track the development of gas-based industries, particularly petrochemicals (Fertiliser, Methanol, etc.), to support large industries such as agriculture, textile and related industries.”
Nabasu further stated that the ministry had invited proposals from interested parties. “All proposals shall be submitted to the ministry for endorsement and evaluation into the confidential box provided on the 10th floor, Room 3, Block D, NNPC Towers, Abuja,” he said.