FG lists criteria to access N250bn gas intervention fund

  The Federal Government has announced seven criterion investors must meet to access the N250 criteria intervention fund for gas value chain...

 

The Federal Government has announced seven criterion investors must meet to access the N250 criteria intervention fund for gas value chain businesses.

The CBN launched the intervention fund last August.

Ms Brenda Attaga, Technical Adviser to the Minister of State for Petroleum Resources, Chief Timipre Sylva, addressing newsmen in Sunday listed technical feasibility, overall business plan an skills and experience output of the business plan as criteria that must be met.

Another criterion is the social economic impact of the business plan and what percentage of Internally Generated Revenue it would contribute to the state in which the applicant plans to operate.

Others are the financial feasibility of the plan, economic and finance models of the plan and the environmental feasibility of the plan, NAN reports.

This became necessary because so many people sent us application not in line with the recommended framework of our evaluation.

Attaga mentioned that 27 applications had been received and they have obligor limit of N10 billion each.

She added that on the SMEs portion, 50 applications had been received noting that SME scheme had a limit of N50 million

She noted that SMEs will prove that they are registered in Nigeria; pay their taxes; prove affiliation to first class companies which are already established businesses with good track records within the gas value chain.

Attaga also said that although there was no timeline for applications, the fund available has a fixed amount and preference will be given to indigenous companies as well as gender-based-led companies in the SMEs category.

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Saga Gist - Top Source for Nigeria News: FG lists criteria to access N250bn gas intervention fund
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