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FG Inaugurates Council To Attract $575bn Gas Investments

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The Federal Government has inaugurated a Seven-member Governing Council of the Midstream and Downstream Gas Infrastructure Fund (MDGIF), with the target of attracting $575billion investments in the Nigerian gas sector.
The MDGIF is a government fund set up to invest in infrastructure projects that will improve transportation and processing (midstream) and utilisation (downstream) of natural gas in Nigeria.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) manages the MDGIF, while the governing council is chaired by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, who oversees the fund’s activities.
The aim of the MDGIF include attracting more than $575bn in investments to develop Nigeria’s gas sector; expanding the midstream and downstream gas infrastructure to create a more robust gas market in Nigeria, among others.
Speaking at the inauguration meeting of the council in Abuja, at the weekend, the gas minister told the seven-member council that “the President’s confidence in my ability to chair the MDGIF is not just a personal honour but a clarion call to service for all of us”.
He added, “It reflects the belief that, together, we can harness the vast potential of our nation’s gas resources to drive innovation, create jobs and contribute significantly to the overall development of our beloved country”.
Ekpo noted that the establishment of the MDGIF came at a critical juncture in Nigeria’s energy landscape, as the country strives for economic diversification and sustainable development.
He said the MDGIF represents not just a financial instrument, but a symbol of the government’s dedication to fostering an environment conducive to private sector participation and international collaboration.
“Our goals are ambitious, but so is  our determination. With the collective expertise and commitment of the governing council, as well as the support of our stakeholders, we aim to drive innovation, create employment opportunities, and ensure energy security for our nation.
“The MDGIF is not merely a fund; it is a vehicle for progress, a conduit for prosperity, and a catalyst for sustainable development. This alignment should, in turn, lead to a tangible reduction in the prices of LPG and CNG, benefitting particularly the low-income earners in our society”, Ekpo stated.
The Minister called on domestic and international stakeholders to collaborate in line with the recently signed executive orders on petroleum sector reform, aiming to boost investment in the oil and gas sector.
“Let us work together to unlock the vast potential of Nigeria’s gas sector and propel our nation to new heights of economic prosperity”, he asserted.

The Chief Executive of NMDPRA, Ahmed Farouk, who is also a member of the council, assured the Minister of the support of the NMDPRA and promised that the team would work hard to meet the goals of the council.

The MDGIF is to get its money from a small levy on the wholesale price of petroleum products and natural gas sold in Nigeria.

It is to also raise funds from grants and donations from international organisations and other institutions, as well as interest earned on the fund’s balance and income from any equity investments it makes.
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NOSDRA Targets Improvement On Oil Sector Environmental Regulations

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The National Oil Spill Detection and Response Agency has vowed to improve environmental regulations in the petroleum sector by accelerating memoranda of understanding with industry operators, ensuring they align with international standards.
NOSDRA’s Director-General and Chief Executive Officer, Engr. Chukwuemeka Woke, disclosed this in Abuja while playing host to members of the Clean Nigeria Associates Board of Directors, according to a statement from the agency recently.
According to the statement, the visit underscored the agency’s collaboration with industry stakeholders to bolster environmental safety in oil spill detection and response.
Woke expressed gratitude for the CNA’s congratulatory message following his appointment and acknowledged the association’s recognition of NOSDRA’s regulatory role.
He assured CNA that the agency will prioritise their requests and expedite the MOU process to ensure that petroleum companies operate in compliance with global environmental standards.
CNA’s Chairman, Dr. Adeshina Sadiq, who also serves as the General Manager of Health, Safety, and Environment at Seplat Energy, conveyed the association’s congratulations to Woke.
He stated the CNA’s desire to deepen collaboration with NOSDRA and move the MOU beyond paperwork to practical implementation.
Sadiq also proposed that NOSDRA expand CNA’s role in the biennial Global Initiative for West, Central, and Southern Africa summit, advocating for broader regional participation in oil spill response efforts, including in the Gulf of Guinea.
He called for the inclusion of a CNA board member and an executive in future summits to enhance their engagement.
While expressing the association’s quest for regional positioning by collaborating in oil spill response beyond the shores of Nigeria, including the Gulf of Guinea, Sadiq, according to the statement, urged “NOSDRA to expand the representation of CNA’s participation in the biennial GI-WACAF summit to include a board member of the association and another from its executive”.

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Customs, Rep Collaborate On Economic Growth, Security

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The Nigeria Customs Service (NCS), through its Industrial Area Command, is set to collaborate with stakeholders to strengthen security, foster economic growth and build a brighter future for the Amuwo Odofin Federal Constituency, Lagos State.
When the member representing the constituency at the House of Representatives, Hon.George Olawande, paid her a courtesy visit, the customs area controller, Odeworitse Rebecca, said the command will collaborate with the constituency in accordance with the comptroller-general of customs, Bashir Adeniyi’s policy thrust.
According to Odeworitse, the command is working diligently to facilitate trade, generate revenue, and identify new factories for excise control.
“The command is responsible for supervising, collecting, and accounting for excise duty from factories producing excisable goods. We work diligently to facilitate trade, generate revenue, and identify new factories for excise control. Therefore, all corporate social responsibilities (CSR) regarding community development are forwarded to the headquarters for approval of the CGC.
“The Lagos Industrial Area Command’s doors are opened and fully prepared to collaborate with our stakeholders to strengthen security, foster economic growth and build a brighter future for the constituency in accordance with the CGC’s policy thrust.
“Close collaboration between stakeholders and security agencies is essential for sustainable development”.
However, the CAC said in accordance with the World Customs Organization (WCO) theme for 2024 International Customs Day (ICD) celebration ‘Customs Engaging Traditional and New Partners with Purpose’, further stated that, the Lagos Industrial Area Command shares in the constituency’s belief and dedication to the community.
She further called for closer collaboration and continued partnership in ensuring the effective and efficient operations of the Service in Festac Town.
Speaking earlier, Hon.Olawande said he was on a collaboration tour to security agencies within the constituency towards community development of the constituency.

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FG, Russian Consortium Sign Agreement On Ajaokuta Steel Plant Rehabilitation

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The Federal Government has signed an agreement with a Russian Consortium Company for the rehabilitation, completion and operation of the Ajaokuta Steel Plant and National Iron Ore Mining Company in Kogi State.
The Head, Press and Public Relations Department, Ministry of Steel Development, Salamatu Jibaniya, disclosed this in a statement recently.
According to the statement, the agreement was signed by the Minister of Steel Development, Shuaibu Audu, when he led a Nigerian delegation to Moscow, Russia, on a working visit.
According to the statement, “The Federal Government of Nigeria through the Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, who led a Nigerian delegation to Moscow, Russia from 14th – 21st September 2024, on a working visit, has signed a Memorandum of Understanding (MoU) with the original builders of Ajaokuta Steel Plant Messrs, Tyazhpromexport (TPE) and members of their consortium namely; Novostal M and Proforce Manufacturing Limited for the Rehabilitation, Completion and Operation of Ajaokuta Steel Plant (ASP) and National Iron Ore Mining Company (NIOMCO) in Kogi State, Nigeria”.
It explained that the call was accepted by the Russian Federation when a consortium led by Messrs TPE visited the steel plant in Ajaokuta and the iron ore mining site at Itakpe in August 2024 for preliminary inspections leading to the invitation for the signing of the Memorandum of Understanding.
Audu said this is a bold step towards creating a sustainable base for the industrialisation of the Nigerian economy, noting that the revival of the steel sector will also reduce the importation of steel products into Nigeria, which is estimated at over $4 billion annually and will help save scarce foreign exchange.
The statement further said during the visit, the Nigerian delegation met with the Deputy Minister of Industry and Trade of the Russian Federation, Alexey Gruzdev, and the consortium, led by TPE, assured the Nigerian delegation of the readiness of the consortium to meet the expectations of the MoU with the Nigerian government.
In his remark, the Permanent Secretary, Ministry of Steel Development, Chris Isokpunwu, affirmed the commitment of the Nigerian government to revamp the Ajaokuta steel project and national iron ore mining company.
The President of Metallurgical Holding, “Novostal – M”, Demchenko Ivan Ivanovich, assured the delegation of their readiness to submit a detailed proposal for the project after the comprehensive audit of the plant.
The General Director of Messrs TPE, Egorov Sergei Anatolevich, and the Group Managing Director of Proforce Manufacturing Limited, Adetokunbo Ogundeyin, assured the Nigerian delegation of their commitment to the project because of its critical role in the overall economic development of Nigeria and requested the provision of an enabling environment by the Nigerian government.
“The parties expressed their optimism that the full implementation of the MoU will facilitate the revival of both Ajaokuta Steel Company Limited and National Iron Ore Mining Company and could create over 500,000 direct and indirect jobs for Nigerians and increase the size of the economy by billions of dollars thus contributing immensely to President Tinubu’s desire to grow the economy to over $1trillion by 2030″, the statement continued.
The steel company, located in Kogi State, was built between 1979 and functioned up till the mid-1990s, but it has become moribund.
In September 2022, the Nigerian government agreed to pay $496 million to settle an Indian firm’s claim over the facility.
The dispute followed the Federal Government’s revocation in 2008 of an agreement that handed control of the steelworks and the National Iron Ore Mining Company to the Indian firm.
In cancelling the deal, the Umar Yar’adua administration said the terms of the concession at the time were not favourable to the country.

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