Presidential CNG Initiative Attracts $50m Investment To Economy

Investments worth $50 million were attracted to the economy in the last five months through the Presidential on Compressed Natural Gas Initiative (PCNGI).

Programme director/chief executive, Presidential CNG Initiative, Michael Oluwagbemi disclosed this at the PCNGI southwest stakeholders’ forum held yesterday in Lagos.

This is as the  to roll out its national deployment plan on May 29, 2024

He said the PCNGI 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.

According to him, the series of investment inflows to the sector showed the level of commitment by the present administration in boosting cleaner energy and promoting a more efficient energy sector.

Oluwagbemi said: “I am pleased to announce to you that since that 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, 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.”

Oluwagbemi, in a statement earlier on Wednesday, said there would be a series of activities leading up to the highly anticipated Nationwide Deployment Plan to be launched on May 29, 2024.

“These activities mark significant milestones in our journey towards achieving energy efficiency, environmental sustainability, and economic prosperity for Nigeria. PCNGI is committed to fostering collaboration with all stakeholders as we pave the way for a cleaner, greener future,” Oluwagbemi said.

“These programmes are a fulfilment of President Bola Ahmed Tinubu’s promise to drive Nigeria’s energy transition in the transportation sector leveraging CNG and enabling economic growth.

“PCNGI is embarking on an extensive pre-launch itinerary aimed at engaging stakeholders, showcasing critical gas supply projects, and facilitating the conversion and refuelling infrastructure across the nation.”

Also speaking, minister of Labour and Employment, Dr. Nkeiruka Onyejeocha, said 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”.

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


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