The Midstream and Downstream Gas Infrastructure Fund (MDGIF) has approved N671 billion in Final Investment Decisions (FIDs) for 31 gas infrastructure projects with a combined investment value of N1.6 trillion.

The Fund, established under the Petroleum Industry Act and domiciled within the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said its portfolio covers 205 infrastructure assets across the gas value chain.

According to its latest investment profile, the portfolio comprises 160 compressed natural gas (CNG) daughter stations, 20 CNG/liquefied compressed natural gas (LCNG) mother stations, 13 depots and liquefied natural gas (LNG) facilities, and 12 gas processing plants.

MDGIF said 127 projects had commenced, while nine stations were in commercial operation and 10 projects had been commissioned.

The Fund estimates that the projects could add gas equivalent to 25.2 per cent of the national domestic supply baseline when operational.

MDGIF said its intervention is structured as minority catalytic equity rather than grants or conventional loans.

The Fund is financed through the 0.5 per cent levy on wholesale gas and petroleum prices collected by the NMDPRA, gas-flaring penalties released through the Federal Government’s Gas Flare Commercialisation Programme, grants and investment income.

It said the fund targets projects that have commercial and strategic potential but cannot secure conventional bank financing.

MDGIF said its incubation period for projects ranges from 18 months to five years, covering project origination and appraisal.

The portfolio includes investments in the CNG segment, with nine stations in commercial operation across Lagos, Owerri, Abuja and Ile-Ife.

IBILE Oil & Gas operates four of the stations in Lagos, FEMDAEC operates three in Owerri, Abuja and Ile-Ife, while Portland Gas operates one in Lagos and Rolling Energy operates one in Abuja.