Gas value-chain: FG, CBN unveil N250bn intervention facility for investors

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

The Permanent Secretary, Ministry of Petroleum Resources, Bitrus Nabasu, disclosed this while briefing newsmen yesterday, in Abuja.

He said the partnership is between the Ministry of Petroleum Resources and the Central Bank of Nigeria (CBN).

He 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 Microfinance Bank and other participating institutions under the Agri-business 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.

According to him, interested parties will need to demonstrate technical and commercial capacity as well as show evidence of experience and capacities to engage in their proposed businesses to enable them to access the fund.

He added that interested parties shall be responsible for planning, preparations, engineering and execution of the project, including CNG compression and storage facilities for online stations, virtual pipeline networks, among others.

He said the ministry had invited proposals from interested parties such as manufacturers, processors, wholesale distribution, SMEs and retail distributors in the gas value chain business.

“All proposals shall be submitted to the ministry for endorsement and evaluation into the confidential box provided on the 10th floor, Room 3, Block D, NNPC Towers, Abuja.

“Details of submission criteria could be found at the ministry’s website: ‘www.cbn.gov.ng and the ministry’s website at www.petroleumresources.gov.ng“, he said.

Related news

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.