Presidential Compressed Natural Gas Initiative (PCNGi) has invested more than $450 million in the compressed natural gas (CNG) value chain.
Gatekeepers News reports that PCNGi project director and chief executive officer (CEO), Michael Oluwagbemi revealed this while speaking during the 9th edition of Nigeria Energy Forum (NEF2024) in Lagos.
The PCNGi CEO noted that the amount was invested in mother stations, daughter stations, refuelling stations, and conversion centres.
Oluwagbemi, who was represented by Tosin Coker, PCNGi head of commercial, said the initiative had effectively converted more than 10,000 vehicles from petrol to CNG.
He said, “By 2027, the initiative will have converted more than one million vehicles using petrol to CNG.”
On incidents of explosion of vehicles using CNG, Oluwagbemi assured Nigerians that PCNGi had taken precautionary measures with various agencies of government to ensure safety.
Oluwagbemi had in November, said over $200 million had been invested in CNG value chain.
National coordinator of the Global Environment Facility (GEF) small grants programme (SGP), managed by UNDP, Ibironke Olubamise said the programme was investing in youth energy innovation for economic growth and environmental sustainability.
Also, director-general of National Automotive Design and Development Council (NADDC), Joseph Osanipi said that the council had trained over 4,000 auto technicians regarding conversion of petrol vehicles to CNG.
Osanipin said the council had started campaigns to sensitise Nigerians on the benefits of using CNG to power their vehicles.
He said, “CNG can guarantee cleaner environment, it is cheaper and affordable.0
Chairman and managing director of Nord Automobile Ltd, Oluwatobi Ajayi said the company was established to address the growing demand for vehicles in Africa and reduce import dependency.
He said due to the federal government’s CNG initiative, the company had incorporated the fuel into Nord’s vehicle production to meet up with the government policy.
NEF co-chair, Adekunle Makinde said the 2024 AEIC has GEF-SGP UNDP as a principal supporter, with Afrexim Bank and Oando Clean Energy Ltd. as co-supporters.
He said, “The top three winners of the youth innovation contest were awarded grant prizes to upscale and deploy the innovative energy solutions across real life applications.”
“The first prize of N2 million was awarded to solar-powered dehydrators for agro-processing.”
Makinde said the second prize of N1.5 million was awarded to an irrigation loop by Thinpower, while the third prize of N1 million went to solar-powered irrigation and cold storage for farms.
