The Presidential Initiative on Compressed Natural Gas (PI-CNG) has garnered $50 million in investments over the past five months, as reported by the program director, Michael Oluwagbemi, during a southwest stakeholders’ forum convened in Lagos yesterday.
The initiative was introduced to alleviate the repercussions of fuel subsidy removal and to foster investment opportunities in Nigeria’s gas sector.Oluwagbemi highlighted that the government has been actively engaging with the private sector to promote the utilization of compressed natural gas and attract investments.He emphasized that the level of investment flowing into the sector underscores the current administration’s dedication to enhancing cleaner energy sources and advancing the efficiency of the energy sector.Oluwagbemi stated: “From December till now, the sector has mobilized over $50 million, surpassing the total amount raised in the past eight years combined.”Numerous Nigerian companies are channeling investments into the sector due to the administration’s demonstrated commitment to harnessing our gas resources.”Furthermore, Dr. Nkeiruka Onyejeocha, Minister of Labour and Employment, expressed optimism about the initiative’s potential to transform Nigeria’s transport sector.She asserted:
“The Presidential CNG Initiative is a testament to the foresight of this administration, aiming not only to modernize Nigeria’s transport sector with cleaner energy but also to train and upskill 25,000 auto technicians in the process.”She commended the leadership driving the initiative for their innovative and progressive approach, noting that such initiatives propel the nation towards a brighter future.Onyejeocha revealed that the PI-CNG and her ministry have joined forces to ensure that every job created and every skill imparted is not merely a statistic but a stride towards empowerment and advancement.She underscored the importance of establishing proper metrics to evaluate the impact of government-led initiatives, emphasizing the administration’s commitment to transparency, accountability, and tracking the success of programs like the Presidential CNG Initiative.
Moreover, she highlighted the pivotal role of the Labour Ministry in uniting artisan associations and unions to achieve the technician target set by the Presidential CNG Initiative.During his presentation, Tosin Coker, Head of Commercial at PI-CNG, announced that 590 CNG-compliant buses procured by the Ministry of Finance will be distributed to the public this month, with priority given to CNG accessibility.Coker revealed plans to provide electric vehicles and 5,500 tricycles to address Nigeria’s transportation challenges and support the masses, with the tricycles available for hire purchase and beneficiaries allowed to pay over time.
He also mentioned the government’s initiative to encourage more individuals to convert their petrol vehicles to CNG.Additionally, Oluwaseun Osinyemi, Commissioner for Transportation in Lagos State, highlighted the initiative’s potential to attract further investment in CNG, noting the state’s investment in electric vehicles and plans to transition some BRT buses to CNG-enabled vehicles.Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, emphasized Nigeria’s current transport sector revolution and the supportive role of PI-CNG in promoting excellence and growth within the sector.
He stressed that continued acceptance and promotion of the CNG initiative would bolster economic growth.
From: Nwakaji Peace Martins
