Marketers of petroleum products in the downstream oil sector have lamented their inability to access the N250bn intervention facility of the Central Bank of Nigeria for the National Gas Expansion Programme, more than one year after its introduction, IgbereTV reports.
Dealers of Liquefied Petroleum Gas, popularly called cooking gas, and Premium Motor Spirit (petrol) said barriers to accessing the fund were complex, and urged the government to re-engineer the scheme to effectively deepen gas usage in Nigeria.
In September 2020, the CBN introduced the N250bn facility for the NGEP as part of measures to improve access to finance for private sector investments in the domestic gas value chain.
It said the scheme would stimulate investments in the development of infrastructure to optimise domestic gas resources for the economy, putting the country’s proven gas reserves at 188 trillion cubic feet of gas.
But for more than one year after introducing the N250bn intervention, operators in the downstream sector said they had yet to start accessing the fund despite making efforts.
Members of the Nigerian Association of Liquefied Petroleum Gas Marketers, the Independent Petroleum Marketers Association of Nigeria, and the Petroleum Products Retail Outlets owners Association of Nigeria said they had not been able to access the fund.
The President, PETROAN, Billy Gillis-Harry, said despite concerted efforts by members of his association to access the fund, it had remained difficult to get the money.
When asked by our correspondent on Friday whether PETROAN had started accessing the N250bn facility for gas expansion, he replied, “No, not at all. That is a promise that has not been delivered because the process of delivering it is just very complex.