One of Nigeria’s leading oil companies, Oando Marketing Plc,has signed a 5-million-Euro agreement with KFW, a German government-owned development bank based in Frankfurt.
The local media reported Wednesday that the agreement is to further enhance the availability of cooking gas to low income earners in Nigeria.
Head of KFW’s Africa Regional Programmes Thomas Duve and Mr. Abayomi Awobokun, marketing Chief Executive Officer of Oando, signed for their companies.
Mr. Awobokun said the funds invested through the agreement would be made available to select micro finance institutions, who will then lend the funds out to end users of cooking gas as well as micro, small and medium-sized enterprises for their liquefied petroleum gas (LPG) investments.
The company has been in the forefront of the campaign to switch the nation from the use of kerosene, coal and wood to cooking gas.
Nigeria is a leading oil producing nation with one of the highest deposit of gas in the world, but most of the gas are under-utilised and millions of cubic metres are flared on a daily basis.