Wisdom Engraced
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The Federal Government has announced plans to provide an additional N400 billion gas infrastructure fund to beneficiaries of the scheme within the next two weeks. This was disclosed by the Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, during the groundbreaking ceremony of the 10MMSCF CNG Mother Station facility in Akwa Ibom State.
“Let me tell you, in the next two weeks, I am going to release another amount, and this may be up to N400 billion,” Ekpo said. He emphasised that any project must be bankable and approved by the transaction adviser to ensure transparency and accountability.
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Ekpo also urged Nigerians, particularly those from Akwa Ibom, to take advantage of the natural resources available in the country. “The time has come for Nigerians and Akwa Ibom to wake up and take advantage of the natural resources that we have in the country; please don’t sit at home and think that it will come; the time has come; we must carry our destiny in our hands,” he said.
The Minister also tasked the Local Government to provide a conducive environment for the project to thrive. “This is a wonderful project that Nsik Oil and Gas has decided to bring; it is left for us so that you will not say that the minister did not bring anything to Akwa Ibom State. It is left for you to provide a conducive environment so that this project will thrive.
The N400 billion fund comes after the FG released N122 billion for gas infrastructure development last year. The Chairman/Chief Executive Officer of Nsik Oil and Gas, Mr. Nsikan Johnny, expressed appreciation for the partnership between the Federal Government, the Governor of Akwa Ibom State, and the Midstream and Downstream Gas Infrastructure Fund, which has created a peaceful environment for gas infrastructure development in the country.
Project Consultant Mr. Mkposong Asuquo described the project as an audacious milestone that underscores the visionary drive of private indigenous participation in the oil and gas industry. “With this investment, we shall make a significant contribution to employment and cutting-edge technology and operational infrastructure to provide seamless and efficient compression of gas to top off-takers and corporate entities as well as individuals of our state and country at large,” he said.
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