CNG buses
Presidential CNG initiative attracts $45m private investment
Project Director/CEO, Presidential Compressed Natural Gas Initiative, Michael Oluwagbemi (P-CNGi), yesterday said the initiative has received a boost with investors staking about $45million in the programme.
He said the initiative has attracted investors in the oil and gas sector who are ready to invest in the establishment of the conversion and refueling centres across the country.
He spoke at the Nigerian Army Auto Switch kick-off at the Nigeria Institute of Transport Technology (NIIT) in Abuja.
Sixteen vehicles belonging to the Nigerian Army are to be converted from use of premium motor spirit (PMS) to CNG.
Oluwagbemi said the CNG conversion centres have increased from seven to 21 centers across the country, adding that the centres would increase to 45 by May 29, 2024.
He said the target of the P-CNGi is to have about one million conversion centres before 2027 and over 3,000 refuelling centres driven by 25,000 technicians.
He said: “We also have increased the number of investments in refueling centres. We will have about 100 of them before the end of the year. NIPCO is investing 32, MRS 10, BoVAS 10, the core partners of the Presidential CNG is investing over 15 centres and these have attracted $45million.”
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He said to encourage investment in the sector, the P-CNGi has attracted tax and duty waivers as well as secured 80 regulatory standards by the Standards Organisation of Nigeria (SON).
The P-CNGi noted that Nigeria could not continue to depend on other countries for its energy security, assuring that Nigerians would soon start seeing the good in the fuel subsidy removal.
Minister of Transportation, Sen Said Alkali, while declaring open the training and kick-off of technicians of the Nigerian Army on the CNG auto fleet, stressed that CNG was environmentally -friendly, cost effective and an alternative fuel for mobility.
He said the training was facilitated by NITT with support from the Federal Ministry of Transportation on conversion technology for two weeks.
The minister said the initiative was aimed at driving down and managing the cost of transportation for Nigerians by utilising the cheaper gas alternative that was abundant and underutilised.
He said the initiative would facilitate job creation, transfer of technology, support the development of auto manufacturing and the development of critical gas distribution, processing and production infrastructure.
Director-General, NITT, Bayero Farah said 11 Army personnel would undergo a two – week training at the organisation’s facility, while 16 vehicles belonging to the Nigerian Army would be converted from use of PMS to CNG.
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