$200m invested in CNG infrastructure, 100,000 vehicles converted – PCNGi

The Presidential Compressed Natural Gas Initiative yesterday disclosed that over 100,000 vehicles have been converted from petrol to CNG/bi-fuel-powered. This is just as it stated that the number of conversion centres has risen from seven in 2023 to more than 140. Engr. Michael Oluwagbemi, Project Director/CEO, Presidential CNG Initiative in a statement yesterday explained that […]

The Presidential Compressed Natural Gas Initiative yesterday disclosed that over 100,000 vehicles have been converted from petrol to CNG/bi-fuel-powered.

This is just as it stated that the number of conversion centres has risen from seven in 2023 to more than 140.

Engr. Michael Oluwagbemi, Project Director/CEO, Presidential CNG Initiative in a statement yesterday explained that more conversion centres are being established across the country.

He added that “investors are ramping up the development and deployment of CNG infrastructure, with over $200 million already invested across the value chain. Thousands of new jobs and economic opportunities are opening up along the line.”

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While providing an update on the status of the initiative and its activities, Oluwagbemi reiterated that President Bola Tinubu launched the Presidential CNG Initiative to provide a cheaper and cleaner energy source for Nigerians.

“Since the launch of this ground-breaking initiative, the response has been positive as Nigerians are embracing and converting their petrol-powered vehicles to CNG-enabled vehicles – with over 60% reduction in the amount of money they spend on fuel,” he said.

The project coordinator added that more than 2,000 Nigerians have been employed in these conversion centres, with more jobs in the offing as CNG penetration ratchets up.

“In the past year, the private sector invested over two billion naira to establish these conversion centres, and another six to 10 billion naira will go into setting up more centres to meet the targeted 1,000 centres required to transform the nation’s energy dynamics.

“Second, there is no cost of conversion for commercial vehicles in Nigeria. It is free under the President’s Conversion Incentive Programme. The programme seeks to convert one million commercial vehicles to CNG/bi-fuel in the next three years,” the statement said.