FG: $980m Private Capital Mobilised, 350 CNG Conversion Centres Built in 18 Months
The Federal Government of Nigeria announced the mobilization of at least $980 million in private capital for the Compressed Natural Gas (CNG) sector, with the establishment of 350 CNG conversion centers in the last 18 months. The Presidential CNG Initiative (PCNGI) Program Director, Michael Oluwagbemi, revealed these developments at the launch of a new CNG daughter station and training center in Abuja.
Oluwagbemi highlighted the significant investments made by private sector players in acquiring CNG trucks and building daughter stations, totaling around N720 billion. The initiative aims to promote the adoption of CNG as a cleaner energy source for vehicles, with plans to increase the number of converted vehicles and CNG stations across the country.
The collaboration between industry stakeholders and regulatory bodies, such as NASENI, has been crucial in driving the growth of the CNG sector in Nigeria. Stakeholders expressed optimism about Nigeria's potential to lead in clean energy innovation and reduce.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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