Presidential CNG Initiative Attracts $50m Investments in Five Months

May 17, 2024
CNG-Fuelled Vehicles

By Adedapo Adesanya

The programme director of the Presidential Initiative on Compressed Natural Gas (PI-CNG), Mr Michael Oluwagbemi, has disclosed that the scheme has attracted $50 million in investments in the last five months.

He disclosed at a southwest stakeholders’ forum in Lagos yesterday, noting that the programme was launched to ease the impact of fuel subsidy removal and create investment opportunities in Nigeria’s gas sector.

Mr Oluwagbemi said the government has continued to mobilise the private sector for compressed natural gas use and investments, adding that the investment inflow to the sector showed the level of commitment by the present administration to boosting cleaner energy and promoting a more efficient energy sector.

“Since December till date, over $50 million have been mobilised directly by the sector, much more than any amount of money that has been mobilised in the sector in the last eight years combined.

“Thousands of Nigerian companies are investing in the sector because they see that the present administration is serious about leveraging our gas resources,” he stated.

Also speaking, the Minister of Labour and Employment, Mrs  Nkeiruka Onyejeocha, said the initiative represents hope for Nigeria’s transport sector.

“The Presidential CNG Initiative stands as a testament to the vision of this administration, as it not only seeks to revolutionise Nigeria’s transport sector with cleaner energy but is also committed to up-skilling and training 25,000 auto technicians in the process.”

She lauded the leadership behind the initiative for the dedication to innovation and progress, adding that such initiatives truly drive the nation towards a brighter future.

She revealed that the PI-CNG and her ministry have partnered, ensuring that every job created, and every skill imparted, is not just a statistic but a step towards empowerment and progress.

“I want to address a fundamental issue that often plagues government-led initiatives – the lack of proper metrics to measure their impact.

“Historically, governments have been involved in numerous job creation programs, yet the true extent of their success is often overshadowed by inadequate measurement and reporting,” she said.

“Under the leadership of President Bola Ahmed Tinubu, however, we are committed to a paradigm shift. We recognize the importance of accountability and transparency in governance. That is why we are determined to not only create meaningful change but also to showcase our achievements with pride.

“As we embark on this journey together, it’s imperative that we keep proper track of the jobs our programs create. The Federal Ministry of Labour and Employment is committed to this task, ensuring that the impact of initiatives like the Presidential CNG Initiative is not just measured in numbers but in the lives transformed,” she explained.

During a presentation, the Head of Commercial at PI-CNG, Mr Tosin Coker, said 590 CNG-compliant buses purchased by the Ministry of Finance will be delivered to the people within this month, adding that distribution of the buses will be based on access to CNG.

He said an unspecified number of electric vehicles and 5,500 tricycles would also be provided to alleviate Nigeria’s transport challenges and support the masses, adding that the government is also working on getting more people to convert their petrol vehicles to CNG.

Also speaking, Commissioner for Transportation, Lagos State, Mr Oluwaseun Osinyemi, said the initiative will encourage more investments in CNG, adding that Lagos state has already invested in electric vehicles, with some BRT meant to become CNG enabled.

Adding his input, the Special Adviser to President Bola Tinubu on Information and Strategy, Mr Bayo Onanuga, said Nigeria is currently at the stage of revolution in the transport sector, adding that PI-CNG will support the sector’s quest for excellence and growth. He said more acceptance and promotion of CNG initiatives will continue to support economic growth.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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