The third panel session focused on the theme “From Policy to Project: Exploring Legal and Commercial Entry Points for Investment in Nigeria’s Midstream and Downstream Petroleum Value Chain.”
The session was moderated by Gideon Sado, Managing Partner, Deon LP.
Speaking on the panel, Mr. Oluwole Adama, Executive Director of the Midstream and Downstream Gas Infrastructure Fund (MDGIF), who was represented by the Fund’s Director of Project Management, Dr. Hussaini Basaka, spoke on the Fund’s role in catalysing investment across the gas valuechain.
He said the Fund provides seed funds, thereby derisking investments and making projects more bankable. He explained that the Fund, acting as a business enabler, goes the extra mile by engaging all relevant agencies to fast track licences and other processes to ensure the success of their investments.
The MDGIF was established under Section 52 of the Petroleum Industry Act 2021 to bridge Nigeria’s gas infrastructure gap, financing the pipelines, processing plants and networks needed to make gas the backbone of the economy.
Since inception, the Fund has triggered over N1.37 trillion in financial investments across the country’s gas valuechain in strategic locations.
Boma Alabi, OON, SAN, Senior Partner, Primera Africa Legal; Ikechukwu Ekwueme, Vice President Legal and Company Secretary, Renaissance Africa Energy Company Ltd; and John Chibueze, General Counsel, AXXELA Group, agreed that the right government policies, consistency in those policies, and a clear path to dispute resolution when issues arise are some of the key drivers of investment in Nigeria’s petroleum sector.
