Ease Access To CBN's N250bn Gas Intervention Fund To Boost Supply — Stakeholders

Worried by the soaring price of Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) in Nigeria amidst disruption to the operations of the Nigeria

With the challenges expected to go worse due to the disruption of Nigeria LNG’s operations owing to flooding and disruption to gas market globally following the Russia and Ukraine war, Nigeria had been importing over 55 per cent of LPG as the demand intensifies in the country.

President of Petroleum Products Retail Outlets Owners Association of Nigeria , Dr Prince Billy Harry said while the N250 billion funding made available by CBN remained an elixir, the conditions for accessing are too stringent. He said there was need for the CBN to work with associations in the sector to drive the agenda of domestic gas utilisation, stressing the country has everything it takes to stop importation of LPG.

If complemented with existing gas infrastructure investment like the AKK pipeline, the provisions in the Petroleum Industry Act and other initiatives, Jaiyeola stated that the country’s stand at the advantage of meeting local demand of LPG. He noted that the objectives of the intervention would be achieved if commercial banks stop treating the loan as commercial loans.

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