The Challenge Director and Chief Govt Officer (CEO) of the Presidential Compressed Pure Gasoline Initiative (PCNGi), Michael Oluwagbemi, has disclosed that the Federal Authorities (FG) has invested over $450 million within the growth of Nigeria’s Compressed Pure Gasoline (CNG) worth chain.
Oluwagbemi, who was represented by Mr. Tosin Coker, the Head of Industrial at PCNGi, made this announcement throughout his deal with on the ninth Version of the Nigeria Vitality Discussion board (NEF2024) in Lagos on Monday, as reported by the Information Company of Nigeria (NAN).
He emphasised that the funding spans crucial areas of the CNG infrastructure, together with the institution of mom stations, daughter stations, refueling stations, and conversion facilities throughout the nation.
“The Presidential Compressed Pure Gasoline Initiative (PCNGi) on Monday stated that it had invested greater than 450 million U.S {Dollars} within the Compressed Pure Gasoline (CNG) worth chain,” the NAN report learn partially.
It added, “Based on the PCNGi CEO, the quantity goes into issues like mom stations, daughter stations and refueling stations in addition to conversion centres that are beginning to spring up throughout the nation.”
Oluwagbemi revealed that the initiative has efficiently transformed over 10,000 automobiles from petrol to CNG. He additional highlighted that by 2027, the initiative goals to transform a couple of million petrol-powered automobiles to CNG.
Addressing issues concerning the security of CNG-powered automobiles, the PCNGI CEO assured Nigerians that precautionary measures had been put in place in collaboration with numerous authorities companies to make sure the security of automobiles utilizing CNG.
What you need to know
Just some weeks in the past, in November 2024, the Presidential Compressed Pure Gasoline Initiative (PCNGi) introduced that it had invested over $200 million in Nigeria’s Compressed Pure Gasoline (CNG) worth chain.
This preliminary funding was directed towards creating important infrastructure, together with the development of mom stations, daughter stations, refueling stations, and conversion facilities.
- Notably, $175 million was allotted particularly for mom stations, which function key distribution factors for CNG. Moreover, 65 new licenses have been issued to assist the enlargement of the sector, and 75 new daughter stations have been below building to reinforce accessibility throughout the nation.
- Nonetheless, in December 2024, the overall funding surged to over $450 million, in keeping with the most recent figures supplied by Michael Oluwagbemi, the CEO of PCNGi.
This enhance in funding highlights the Federal Authorities’s continued dedication to the enlargement and growth of Nigeria’s CNG infrastructure.
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