FG CNG development would cost $50m

Investments worth $50m were attracted to the economy in the last five months through the Presidential Compressed Natural Gas Initiative.

Programme Director/Chief Executive, PCNGI, Michael Oluwagbemi, disclosed this at the Southwest stakeholders’ forum held Wednesday in Lagos.

According to Oluwagbemi, the CNG initiative was created to cushion the effects of fuel subsidy removal on Nigerians and open new investment windows for domestic and global investors in the gas sector.

Oluwagbemi disclosed that the government has continued to mobilise the private sector for compressed natural gas use and investments.

He noted that the series of investment inflows to the sector showed the level of commitment by the present administration to boosting cleaner energy and promoting a more efficient energy sector.

“I am pleased to announce to you that since that December till date, over $50m 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, in just five months. Thousands of Nigerian companies are investing in the sector because they see that the present administration is serious about moving the country forward and leveraging the gas resources that God has given us”.

Also, the Minister of Labour and Employment, Dr Nkeiruka Onyejeocha, remarked that the initiative represents a beacon of hope, not just for Nigeria’s transport sector, but for the future of the nation as a whole.

She said, “As we gather here, we are reminded of the pressing need to propel our nation forward, not just in terms of economic growth, but in creating opportunities that uplift every citizen. The Presidential CNG Initiative stands as a testament to this vision, as it not only seeks to revolutionise Nigeria’s transport sector with cleaner energy but also commits to up-skilling and training 25,000 auto technicians in the process”.

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

She maintained that the Presidential CNG Initiative and the Federal Ministry of Labour and Employment have partnered, ensuring that every job created, and every skill imparted is not just a statistic but a step towards empowerment and progress.

“Moreover, 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 programmes, yet the true extent of their success is often overshadowed by inadequate measurement and reporting.

“Under the leadership of President Bola Ahmed Tinubu, however, we are committed to a paradigm shift. We recognise 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 programmes 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.

Furthermore, I want to emphasise the role of the Labour Ministry in bringing together artisan associations and unions. These associations and unions are the backbone of our workforce, and by uniting them, we can amplify our efforts towards achieving the 25,000 technicians target set forth by the Presidential CNG Initiative,” she explained.

In his presentation, the Head of Commercial at PCNGI, 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.

Coker disclosed that electric vehicles and 5,500 tricycles would also be provided to alleviate Nigeria’s transport challenges and support the masses.

He said the tricycles would be available on hire purchase, with the beneficiaries allowed to pay overtime.

Coker informed the people that the government is also working on getting more people to convert their petrol vehicles to CNG.

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

Speaking, the Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, maintained that Nigeria is currently at the stage of revolution in the transport sector, adding that the PCNGI will support the sector’s quest for excellence and growth.

Onanuga added that more acceptance and promotion of the CNG initiative will continue to support economic growth.

Olaitan Ibrahim

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