The Presidential Compressed Natural Gas Initiative (PCNGi) on Monday said that it had invested more than $450 million in the Compressed Natural Gas (CNG) value chain.
Project Director and Chief Executive Officer (CEO), PCNGi, Michael Oluwagbemi, stated this during the 9th Edition of the Nigeria Energy Forum (NEF2024) Day 2, Virtual Event in Lagos, with the theme: “Energising Sustainable Industrialisation.”
Oluwagbemi, who was represented by the Head of Commercial, PCNGi, Tosin Coker, explained that the money was spent on things like mother stations, daughter stations and refuelling stations as well as conversion centres which are starting to spring up across the nation.
According to him, the initiative had successfully converted more than 10,000 vehicles from petrol to CNG.
“By 2027, the initiative will have converted more than one million vehicles using petrol to CNG,” he said.
Addressing incidents of explosion of vehicles using CNG, the CEO assured Nigerians that it had taken precautionary measures with different agencies of government to ensure safety.
In a remark, the National Coordinator of the GEF Small Grants Programme (SGP), managed by UNDP, Ibironke Olubamise, said the SGP was investing in youth energy innovation for economic growth and environmental sustainability.
Director General, National Automotive Design and Development Council (NADDC), Joseph Osanipin, said that the council had trained more than 4,000 auto technicians on how to convert petrol vehicles to CNG and had started campaigns to sensitise Nigerians on the advantages of using CNG to power their vehicles.
