Afreximbank, MDGIF Sign Strategic MoU to Mobilise US$500M for Gas Infrastructure Development in Nigeria
L-R. Oladele Akinjo - GED Cedrus Group Africa; Rt. Hon. Ekperikpe Ekpo, Ph.D Nigeria’s Honourable Minister of State, Petroleum Resources (Gas); Olubusayo Adeniyi - GCEO Cedrus Group Africa; Mrs Helen Brume, Director and Global Head – Project and Asset Based Finance at Afreximbank ; Mr. Oluwole Adama, Executive Director of MDGIF and Dr Jumoke Oduwole Nigeria’s Minister of Industry, Trade, and Investment at the Midstream & Downstream Gas Infrastructure Fund (MDGIF), signed a landmark Memorandum of Understanding with Afreximbank to mobilize US$500 million over the next four years for transformative gas infrastructure investments in Lagos.
The African Export-Import Bank (Afreximbank) and the Midstream and Downstream Gas Infrastructure Fund (MDGIF) have signed a landmark memorandum of understanding (MoU) to create a collaborative framework for the promotion, development, and expansion of gas infrastructure in Nigeria. Facilitated by Cedrus Group Africa, the MoU reflects the importance of strategic partnerships in mobilising capital and driving energy transformation.
The agreement, signed on the sidelines of the Intra-African Trade Fair (IATF2025) by Mrs. Helen Brume on behalf of Afreximbank and Mr. Oluwole Adama on behalf of MDGIF, sets out an intention to mobilise up to US$500 million over four years to support midstream and downstream gas projects. The MoU will establish a dedicated project preparatory support, Afrexim will provide credit risk guarantees to support local gas development, and create capacity-building programmes to strengthen Nigeria’s institutional expertise. These measures will accelerate the delivery of bankable projects, attract private sector investment, expand gas utilisation, reduce flaring, and position Nigeria’s gas industry as a driver of jobs, industrialisation, and sustainable growth in line with President Bola Ahmed Tinubu’s economic agenda.
Commenting, Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo said, “Through this partnership, we are unlocking the potential to mobilise up to USD 500 million over the next four years for Nigeria’s gas infrastructure. More importantly, we are creating a pipeline of bankable projects, supported by feasibility studies, project preparation, and risk-sharing mechanisms, that will accelerate the pace of investment in pipelines, processing facilities, LNG, and other critical infrastructure.”
On her side, Executive Vice President – Intra-African Trade and Export Development, Afreximbank, Mrs. Kanayo Awani, said: “This MoU marks a significant milestone in our shared commitment to accelerating Africa’s economic transformation. By combining Afreximbank’s deep expertise in trade and project finance with MDGIF’s national investment reach, we are poised to unlock new opportunities for inclusive growth and sustainable development across Nigeria and, potentially, across the West Africa sub-region.”
Sprakinf also the Executive Director, MDGIF, Mr. Oluwole Adama, added that, “Anchored on our statutory mandate under the Petroleum Industry Act and aligned with President Bola Ahmed Tinubu’s agenda to harness Nigeria’s gas resources for industrialization and economic growth, this partnership with Afreximbank enables MDGIF to mobilize capital, expand critical midstream and downstream infrastructure, reduce flaring, and deliver sustainable energy solutions that power industries, create jobs, and improve livelihoods across Nigeria.”
For the CEO of Cedrus Group Africa, Olubusayo Adeniyi observed that, “As adviser and facilitator of this MoU, Cedrus Group Africa is committed to ensuring its objectives translate into real outcomes—mobilising private capital, structuring bankable projects, and creating the right frameworks for long-term sustainability in Nigeria’s gas sector.”
