KEY POINTS
- The Federal Government is releasing N400 billion ($262 million) for gas infrastructure.
- Akwa Ibom citizens encouraged to engage in gas sector projects.
- The CNG Mother Station project aims to provide cleaner energy.
The Federal Government is set to release an additional N400 billion ($262 million) into the gas infrastructure sector in the next two weeks.
Minister of Petroleum Resources (Gas) Hon Ekperikpe Ekpo announced this during the groundbreaking ceremony of the 10MMSGF/F CNG Mother Station in Esit Eket, Akwa Ibom State.
The new fund follows the release of N122 billion ($79.9 million) last year and is part of the government’s effort to continue improving the country’s gas infrastructure and promote cleaner energy.
Ekpo emphasized the importance of involving local stakeholders in the development process, urging Akwa Ibom citizens to engage with Nsik Oil and Gas for project involvement.
“This is a wonderful project that Nsik Oil and Gas has decided to bring. The responsibility is on us to ensure a conducive environment for this project to thrive,” Ekpo said.
Fund aimed at supporting local and national projects
Ekpo stated that the N400 billion ($262 million) will be distributed to beneficiaries following a transparent process overseen by the Transaction Adviser.
He emphasized that any projects involved must be bankable and meet the required scrutiny. He encouraged citizens to take the initiative and make their projects successful.
“Your project must be bankable, and the Transaction Adviser will approve it, not based on favoritism but on merit,” Ekpo said.
The CNG Mother Station facility in Esit Eket is part of the government’s broader strategy to develop gas infrastructure and reduce environmental impact, while providing affordable and cleaner energy solutions for the country.
According to Punch, the project aligns with the government’s commitment to economic growth and energy sustainability.
Private sector participation crucial for success
The chairman and CEO of Nsik Oil and Gas, Mr. Nsikan Johnny, expressed his excitement about the project, emphasizing its significance in promoting clean energy.
He thanked the federal government, the Akwa Ibom State governor, Umo Eno, and the Midstream and Downstream Gas Infrastructure Fund for their support.
Mr. Mkposong Asuquo, the project consultant, underscored the importance of private indigenous participation, noting that the investment would lead to job creation and technological advancements.
“The investment will significantly contribute to employment and improve the operational infrastructure necessary to provide seamless and efficient gas compression services,” Asuquo said.