The Federal Government says it has introduced a N250 billion intervention facility to stimulate finance and motivate investors in the gas value chain for sustainable business development in the country.
Mr Bitrus Nabasu, the Permanent Secretary, 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
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.
It will also fast track the development of gas-based industries particularly petrol chemicals (Fertiliser, Methanol, etc), to support large industries such as agriculture, textile and related industries.
“Provide leverage for additional private sector investment in the domestic gas market and boost employment across the country,’’ he said
The Permanent Secretary said the facility would also finance gas processing, small scale petrochemical and gas cylinder manufacturing plants as well as LCNG regasification modular systems.
Nabasu said it would equally finance AutoGas conversion kits or component manufacturing plants; CNG primary and secondary compression station, micro-distribution outlets and service centres for LPG.
“In addition, the facility will service the development and enhancement of autogas transportation system conversion and distribution infrastructure, enhancement of domestic cylinder production and distribution by manufacturing plants.
“Also; LPG wholesale outlet and many other mid to downstream gas value chain related activity recommended by the ministry,’’ he said, adding that parties with the capacity to develop and operate any of the fore listed projects are expected to demonstrate project development experience,” he said.
