Minister of State for Petroleum Resources, Gas, Ekperikpe Ekpo, has said that Federal Government inaugurated the Governing Council of the Midstream and Downstream Gas Infrastructure Fund to reduce the prices of Liquefied Petroleum Gas and Compressed Natural Gas in the country.
Ekpo, who oversees the fund’s activities, made this disclosure on Friday during the inauguration of the seven-member council in Abuja.
He pointed out that the fund aims to attract $575 billion in investments in the Nigerian gas sector.
“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.
“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 said.
President Bola Tinubu appointed a governing council to lead the Midstream and Downstream Gas Infrastructure Fund in 2023.
Reports revealed that as at February, the prices of 12.5kg LPG in Nigeria stood between N9,699.50 to N13,040, depending on the location.
