The Federal Government and the Central Bank of Nigeria, CBN have announced a N250 billion intervention fund to boost gas utilization in the country. Announced in Abuja by the Permanent Secretary, Ministry of Petroleum Resources, Bitrus Nabasu, the fund is to domesticate the development of the resource and to assist indigenous players in further developing the sector. Nigeria has over 206 trillion standard cubic feet of gas reserves. According to Nabusa, the project will be financed under the Power and Airlines Intervention Fund, PAIF in line with existing guidelines and regulations. He added that the initiative will be an elixir to investment for infrastructure development with a view to optimizing domestic gas resources for economic growth while spurring product processing, small-scale petrochemicals, and gas cylinder manufacturing plants, as well as LCNG regasification Modular systems.
Source: https://sweetcrudereports.com/fg-cbn-announce-n250bn-gas-intervention-fund/