By Obiabin Onukwugha
The federal government has signed a $500million deal with the African Export-Import Bank and the Midstream and Downstream Gas Infrastructure Fund to unlock the Nigeria’s vast gas wealth through infrastructure projects.
A statement from Cedrus Group Africa on Saturday, said the Memorandum of Understanding (MoU) was signed on the sidelines of the Intra-African Trade Fair in Cairo, facilitated by Cedrus Group Africa.
Nigeria’s Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, hailed the initiative, describing it as a major boost for Nigeria’s energy ambitions.
“Through this partnership, we are unlocking the potential to mobilise up to $500m over the next four years for Nigeria’s gas infrastructure.
“More importantly, we are creating a pipeline of bankable projects, supported by feasibility studies, project preparation, and risk-sharing mechanisms, that will accelerate the pace of investment in pipelines, processing facilities, LNG, and other critical infrastructure,” he said.
He expressed the view that if successfully implemented, the $500m initiative could accelerate the country’s transition from a crude oil-dependent economy to a more diversified, gas-driven industrial hub.
“We are not just raising money; we are creating the framework for sustainable gas development that supports jobs, industries, and Nigeria’s future prosperity,” the minister stated.
Executive Vice President of Intra-African Trade and Export Development at Afreximbank, Mrs Kanayo Awani, described the MoU as a milestone in Africa’s transformation journey.
“By combining Afreximbank’s deep expertise in trade and project finance with MDGIF’s national investment reach, we are poised to unlock new opportunities for inclusive growth and sustainable development across Nigeria and, potentially, across the West Africa sub-region,” she said.
MDGIF’s Executive Director, Oluwole Adama, said the partnership with Afreximbank, enables MDGIF to unlock opportunities for Nigeria.
“Anchored on our statutory mandate under the Petroleum Industry Act and aligned with President Bola Tinubu’s agenda, this partnership with Afreximbank enables MDGIF to mobilise capital, expand critical midstream and downstream infrastructure, reduce flaring, and deliver sustainable energy solutions that power industries, create jobs, and improve livelihoods across Nigeria,” Adama said.
Cedrus Group Africa Chief Executive Officer, Olubusayo Adeniyi, said the firm is committed to mobilising private capital, structuring bankable projects, and creating sustainable frameworks for Nigeria’s gas future.
“As adviser and facilitator of this MoU, Cedrus Group Africa is committed to ensuring its objectives translate into real outcomes, mobilising private capital, structuring bankable projects, and creating the right frameworks for long-term sustainability in Nigeria’s gas sector,” Adeniyi noted.
According to the statement, Afreximbank’s Helen Brume and MDGIF’s Oluwole Adama signed on behalf of their respective institutions. The statement also mentioned that the deal sets out a plan to raise funds over four years to support midstream and downstream projects.
Afreximbank will provide credit risk guarantees to encourage investment in local gas development, while both institutions will establish a project preparatory facility and capacity-building programmes to strengthen technical expertise and ensure bankable projects reach financial close.