The Presidential Compressed Natural Gas Initiative (P-CNGi) has revealed that Nigeria has flared gas worth about $12.5 billion in the past five years.
The initiative’s program director and chief executive officer, engineer Michael Oluwagbemi, said this was part of the reason why President Bola Tinubu introduced CNG as a way to turn waste into wealth and save the economy. said.
This comes after the Ekiti State Governor, Biodun Oyebunji, who commended President Tinubu on the CNG initiative, said the state will join the federal government in embracing the initiative, especially in the vehicular mobility sector.
Mr. Oluwagbemi noted that Nigeria is the second largest gas-burning country in the world and has spent $10 billion annually on purchasing gasoline and diesel for the past 20 years to sustain the economy on non-oil resources. Therefore, the President’s decision to suspend further payments of fuel subsidies was inevitable. money available.
Mr. Oluwagbemi was speaking in Ado Ekiti, the Ekiti state capital during the launch of the conversion incentive programme, which saw the handing over of 15 CNG to enable 16-seater buses to the state, and the opening of seven conversion centers over the weekend. Commenting on the formal signing, he said it is important that Nigerians start taking advantage of the scheme. God-given resources to power the economy.
The head of P-CNGi said: “The new innovations and implementation of this program are designed to create wealth from the waste we have been doing as a country for decades.As a country, we is endowed with so much gas that it is flaring it up.
“On July 31, the President addressed the nation and suggested that Nigeria must move to the use of compressed natural gas (CNG), which is cheaper, safer and , a more reliable and environmentally friendly natural gas, which has the potential to return the economy to a path of sustainability.Natural gas is available in abundance for transportation at almost N900 per liter. compared to N230 and N380 per LCN.”
He said one of PCNGi’s missions is to enable investment, and while he noted that governments cannot do everything alone, he also sees the initiative’s role in providing regulation for safer growth. also mentioned.
“Nigeria’s energy transition will require between $3.5 billion and $4 billion, much of which will come from the private sector.
“This is to encourage investment in the CNG sector. It is noteworthy that over $175 million has been invested in this sector and thousands of jobs have been created for an abundant pool of young people and technicians.”
Mr. Oluwagbemi added that the presidential directive on the CNG initiative will encourage the introduction of a CNG mass transit and transportation sector that will give one million commercial drivers the opportunity to modify their vehicles free of charge.
“We are now able to increase the number of Conversation Centers in Nigeria from 7 to over 125, with over 34,000 Conversation Kits and an additional 70,000 Conversation Kits to reach this one million Conversation Center goal by 2027. We’ve acquired 5,000 compatible tricycles, which will contribute to the overall picture.” Well over 2,000 jobs will be created, including jobs for operators as well as assembly and maintenance people.
“The CNG-fueled buses being delivered will instantly reduce transport fares for the state’s populous population.
“The impact is clear as states that commit to this project will be able to pass on transportation fare discounts of up to 40% to their citizens,” he said.
Governor Oyebunji, who was represented by the Commissioner for Infrastructure and Public Works, Professor Mobolaji Aluko, said, “The state’s CNG initiative is to ensure that CNG will be used to power the state’s 3MW independent power generation facility, which has been in operation since November 2023. It started with a partnership with IPP Limited to use the
“We are pleased that several existing oil and gas outlets in the state have already expressed interest in becoming refueling centers.
“But most specifically, we urge all businesses, especially commercial operators, including three-wheelers, to consider converting their vehicles to CNG or adopting it en masse.
“The diversion and refueling center also provides employment opportunities to the youth in the technical and commercial sectors and we urged the youth to embrace them to fulfill our mantra of shared prosperity.
“We will ensure that as many government vehicles as possible are modified to contribute to the quota in establishing the CNG market and attracting investment infrastructure to Ekiti.”
The NURTW Chairman in the state, Amb. Joseph Falope and RTEAN Comrade Sunday Adeola, thanked President Tinubu for his efforts and pledged to support the state government to ensure the success of the plan.
