Wednesday, February 8, 2023

FG sets up N250 billion intervention facility to boost gas value chain

The facility is designed to improve access to financing for private sector investment in the gas value chain.

• August 8, 2021

The Federal Government says it has introduced a N250 billion intervention facility to stimulate finance and motivate investors in the gas value chain.

Bitrus Nabasu, permanent secretary in the ministry of petroleum resources, disclosed this while briefing newsmen on Sunday in Abuja.

“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 N250 billion intervention facility to help motivate investment in the gas value chain.

“A description of the intervention facility can be found on the CBN website www.cbn.gov.ng and the ministry’s website at www.petroleumresources.gov.ng,” he said.

Mr Nadasu said the large-scale projects under the intervention would be financed under the Power and Airlines Intervention Fund (PAIF) in line with existing guidelines and regulations of the Fund.

According to him, the small scale projects and retail distributions will be financed by NIRSAL Micro Finance Bank and other participating institutions under the Agribusiness Small and Medium Enterprises Investment Schemes (AGSMEIS).

The facility, he said, was designed to improve access to financing for private sector investment in the gas value chain, stimulate investment in the development of infrastructure to optimise the domestic gas resources for economic development.

He listed other objectives of the facility to include provision of a platform to fast track the adoption of Compressed Natural Gas (CNG) as the fuel of choice for transportation and power generation as well as Liquefied Natural Gas (LPG) for domestic cooking, transportation and captive power.

“Details of submission criteria could be found at the ministry’s website. All proposals shall be submitted to the ministry for endorsement and evaluation into a confidential box provided on the 10th floor, Room 3, Block D, NNPC Towers, Abuja,” Mr Nabasu said.

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