Oritsegbubemi Omatseyin
Lagos — To drive the successful implementation of the Nigerian Gas Flare Commercialisation Programme, NGFCP, and expand financing options for Awardees, the NUPRC is deepening collaboration and partnerships with development agencies and multi-lateral institutions such as the Global Green Growth Institute, GGGI, a South Korean Government Funded Institution committed to supporting key climate action projects & initiatives.
The NUPRC โ GGGI relationship is underpinned by a Memorandum of Understanding, MOU, which basis was established at the high-level meeting of the Chief Executive Officer of the NUPRC, Engr. Gbenga Komolafe, with the leadership of the GGGI on the sidelines of COP 28 held in Dubai in December last year.
To that end, a 3-day investment focused workshop between the two organisations was convened to fashion ways to enhance the bankability of NGFCP Projects and explore financing opportunities available through the Fund related to the GGGI and other collaborative financial entities. The Workshop closed with a working Session with representative NGFCP Awardees to kick-start discussions on funding options through the Institute. Similar engagements were held with other NGFCP Awardees.
The focused event, which was led by the Executive Commissioner, Corporate Services & Administration, and NGFCF Chair, involved about 25 Participants from the NUPRC, GGGI, KPMG, and NGFCP Awardees, fostering constructive dialogue and collaboration among participants.
It is anticipated that the efforts of the NUPRC in this respect, under the stewardship of Komolafe would attract about $500 Million for the execution of NGFCP projects and delivery of sustainable flares-out solutions within 2024 and the near term.