The Federal Government is eyeing $1 billion in annual investments to scale up Nigeria's Compressed Natural Gas (CNG) conversion projects, with over $500 million already injected into the initiative within the past year.
Michael Oluwagbemi, Programme Director of the Presidential CNG Initiative (PCNGi), disclosed this during the launch of a new CNG Conversion Centre at Mile 2, Lagos, in partnership with the National Union of Road Transport Workers (NURTW).
"We've already attracted close to $175 million this year alone," he said, highlighting key players like Greenville, NIPCO, AYM Shafa, Femadec Energy, and the Midstream and Downstream Gas Infrastructure Fund as active investors.
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Oluwagbemi stressed the initiative's national focus, especially efforts to expand access to northern Nigeria to ease food transport and reduce prices in the South. "Affordable energy means cheaper food," he stated.
Lagos NURTW Secretary, Usman Teslim, hailed the move, revealing that drivers now complete vehicle conversions in under four hours and benefit from lower fares. "PCNG-branded buses already offer up to 50% fare reductions," he added.
He called the project a game-changer, bringing real relief to transporters and passengers nationwide.
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