NMDPRA Unveils $575 Billion Investment Opportunities for Nigeria through Sustainability Initiative

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced the potential creation of over $575 billion in capital investment opportunities for Nigeria through its Industry Sustainability Initiative (NISI). Mustapha Lamorde, the Authority’s Executive Director of Health, Safety, Environment, and Community (HSEC), revealed that these opportunities would arise from the decarbonization of operations, infrastructure and technological development, green economy improvement, stakeholder management, and human capital development.

Lamorde disclosed this information on the sidelines of the United Nations Climate Change Conference 2023 (COP28) in Dubai, where the NMDPRA organized a panel session on “Nigeria’s Pathway to Energy Sustainability and the Role of NMDPRA.” The panel, which included Anibor Kragha, Executive Secretary of the African Refiners & Distributors Association (ARA); Mansur Kuliya Alkali, NMDPRA’s Executive Director, Midstream and Downstream Gas Infrastructure Fund (MDGIF); and Abel Nsa, Senior Technical Adviser on Transition Energy to the Minister of State, Petroleum Resources (Gas), discussed Nigeria’s efforts to reduce carbon emissions in the mid and downstream oil and gas sector, aiming to achieve Net Zero by 2060.

Lamorde highlighted the breakdown of investment opportunities sector by sector, including $272 billion in power, $127 billion in infrastructure, $96 billion in oil and gas processing optimization, $80 billion in industry, and $2.8 billion in clean cooking. He emphasized the necessity of strong government commitment and collaboration with the private sector, leveraging technological innovation to achieve these targets.

Anibor Kragha stressed the importance of tapping into funding opportunities for gas projects from international financiers dealing with agriculture. He urged the NMDPRA to develop a decade-by-decade plan for decarbonizing the mid/downstream, incorporating bankable projects to attract finance from foreign donor agencies. Kragha also emphasized the vital role of young people in the decarbonization drive, highlighting their significant contributions to future initiatives.

Mansur Kuliya Alkali explained the pivotal role of the Midstream and Downstream Gas Infrastructure Fund (MDGIF) in accelerating investments along the gas value chain. He clarified that MDGIF is not a grant or a loan but an investment initiative designed to derisk investments through partnerships with private sector players for building essential infrastructure to harness Nigeria’s vast gas resources.

Abel Nsa highlighted the Host Community Development Framework, which ensures the protection of oil and gas assets for uninterrupted production and supply, critical to midstream operations. He also discussed ongoing discussions with upstream gas producers to ensure the availability of gas for domestic utility, aligning with the government’s Decade of Gas initiative.

All panelists concurred that Nigeria’s future depends on increasing cleaner energy capacity and attracting global and domestic finance to vital energy projects.

Previous post Emir of Kano Applauds Unparalleled Luxury Experience at ‘The Delborough Lagos’ Opening
Next post Minister of Environment Commends Lafarge Africa’s Environmental Commitment

Leave a Reply

Your email address will not be published. Required fields are marked *