The Federal Government is preparing to release an additional N400 billion for gas infrastructure projects within the next two weeks. This announcement was made by the Minister of Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, during the groundbreaking ceremony of a CNG Mother Station facility in Esit Eket Local Government Area, Akwa Ibom State.
The N400 billion funding follows the N122 billion gas infrastructure fund that was disbursed last year. Speaking at the event, Ekpo stated, “Let me hint to you in the next two weeks, I am going to release another amount, and this may be up to N400bn. Any Akwa Ibom son and daughter going to be involved should go and consult with Nsik Oil and Gas.”
He explained that only bankable projects would receive funding, as they would need approval from a Transaction Adviser before being presented to him. He assured stakeholders that the process would be transparent and not influenced by personal connections.
Ekpo also urged Nigerians, particularly those from Akwa Ibom, to seize opportunities in the gas sector. “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.
He further noted that the Federal Government remains committed to cleaner energy solutions and a supportive business environment for investors. He called on the local government authorities to ensure a conducive atmosphere for the project’s success.
Chairman and CEO of Nsik Oil and Gas, Mr. Nsikan Johnny, expressed his excitement about the project, stating that the initiative is a major step toward delivering cleaner, safer, and more affordable energy to Nigerians. He also noted the Federal Government’s commitment to economic growth and environmental sustainability.
Johnny praised the support of the Federal Government, Akwa Ibom State Governor Umo Eno, and the Midstream and Downstream Gas Infrastructure Fund for helping create a peaceful and productive environment for gas infrastructure development.
Additionally, Project Consultant Mr. Mkposong Asuquo described the project as a bold step in promoting private sector involvement in Nigeria’s oil and gas industry. He stated, “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.”
