The Central Bank of Nigeria (CBN) has provided ₦250 billion funding for the National Gas Expansion Programme (NGEP) in collaboration with the Ministry of Petroleum Resources.
According to the sector stakeholders, the funding facility will help explore the potentials of the 206 trillion standard cubic feet of gas in the Nigerian gas sector.
The funding will also aid in the creation of at least 2 million direct and indirect jobs annually.
The CBN also stated the funding would help enhance the growth and development of several industries, including the agricultural and textiles industries.
The Chair, University of Cape Coast Oil & Gas Studies, Prof. Wunmi Iledare, has commended the CBN funding.
He said “Significant amount of investment is required to translate the reserves to a usable form. Petroleum production is good for nothing if its development does not improve the quality of life of the people, not just the elite if sustainable development is to be optimised.”