Gas infrastructure fund attracts N1.6tn private investment

The Midstream and Downstream Gas Infrastructure Fund (MDGIF) has attracted approximately N1.6tn in private investment into Nigeria's gas infrastructure, leveraging N671bn in public funds. The fund's projects and infrastructure assets are located across the country and are capable of delivering about 475 million standard cubic feet of gas daily to the domestic market upon full operation.

At a recent conference, MDGIF's Executive Director, Oluwole Adama, disclosed that the fund has partnered with 31 projects and 205 infrastructures, with 127 projects already underway and 10 already commissioned. Adama emphasized that MDGIF aims to de-risk gas projects and make them attractive to private investors by transforming initially unattractive projects into bankable investments.

The fund's interventions have mobilized private capital at about 2.4 times its own contribution. According to MDGIF, if all the projects in its portfolio were completed, they could increase domestic gas supply by around 25% from the current level of 1.9 billion standard cubic feet per day.