The Presidential Compressed Natural Gas Initiative (PCNGi) has committed over $450 million to the expansion of Nigeria’s Compressed Natural Gas (CNG) sector.
Michael Oluwagbemi, the Project Director and CEO of PCNGi, made this revelation during his address at the 9th Edition of the Nigeria Energy Forum (NEF 2024) in Lagos on Monday, which was delivered on his behalf by Tosin Coker, the Head of Commercial at the initiative.
Oluwagbemi emphasized that the extensive investment will strengthen the infrastructure needed for CNG adoption across Nigeria, including the development of mother stations, daughter stations, refueling stations, and vehicle conversion centers.
“The Federal Government’s investment has been directed toward critical infrastructure such as mother and daughter stations, refueling stations, and conversion centers. These projects will ensure the widespread availability of CNG across the country,” said Oluwagbemi.
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Since the inception of the initiative, PCNGi has already converted over 10,000 vehicles from petrol to CNG, a key milestone in the effort to shift from petroleum-based fuel to more sustainable alternatives.
The CEO also addressed safety concerns regarding CNG-powered vehicles, assuring Nigerians that rigorous safety protocols have been put in place in partnership with various government agencies to safeguard users.
The $450 million investment reflects a sharp increase from an earlier figure of $200 million announced in November 2024.
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