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The Presidential Initiative on Compressed Natural Gas (PI-CNG) has attracted $50 million in investments in the last five months, according to the programme director, Michael Oluwagbemi who disclosed this at a southwest stakeholders’ forum held in Lagos yesterday.
He said the initiative was launched to ease the impact of fuel subsidy removal and create investment oppourtunities in Nigeria’s gas sector.
Oluwagbemi said that the government has continued to mobilise the private sector for compressed natural gas use and investments.
According to him, the investment inflow to the sector showed the level of commitment by the present administration in boosting cleaner energy and promoting a more efficient energy sector.
Oluwagbemi said: “Since December till date, over $50 million have been mobilised directly by the sector, much more than any amount of money that has been mobilised in the sector in the last eight years combined.
“Thousands of Nigerian companies are investing in the sector because they see that the present administration is serious about leveraging our gas resources.”
Also speaking, Minister of Labour and Employment, Dr. Nkeiruka Onyejeocha, said the initiative represents hope for Nigeria’s transport sector.
She said: “The Presidential CNG Initiative stands as a testament to the vision of this administration, as it not only seeks to revolutionise Nigeria’s transport sector with cleaner energy but is also committed to up-skilling and training 25,000 auto technicians in the process.”
She lauded the leadership behind the initiative for the dedication to innovation and progress, adding that such initiatives truly drive the nation towards a brighter future.
She reveale that the PI-CNG and her ministry have partnered, ensuring that every job created, every skill imparted, is not just a statistic but a step towards empowerment and progress.
“I want to address a fundamental issue that often plagues government-led initiatives – the lack of proper metrics to measure their impact.
“Historically, governments have been involved in numerous job creation programs, yet the true extent of their success is often overshadowed by inadequate measurement and reporting,” she said.
She said: “Under the leadership of President Bola Ahmed Tinubu, however, we are committed to a paradigm shift. We recognize the importance of accountability and transparency in governance. That is why we are determined to not only create meaningful change but also to showcase our achievements with pride. As we embark on this journey together, it’s imperative that we keep proper track of the jobs our programs create. The Federal Ministry of Labour and Employment is committed to this task, ensuring that the impact of initiatives like the Presidential CNG Initiative is not just measured in numbers but in the lives transformed”.
Furthermore, I want to emphasize the role of the Labour Ministry in bringing together artisan associations and unions. These associations and unions are the backbone of our workforce, and by uniting them, we can amplify our efforts towards achieving the 25,000 technician target set forth by the Presidential CNG Initiative.
In his presentation, Head Commercial at PI-CNG, Tosin Coker, said 590 CNG compliant buses purchased by the Ministry of Finance will be delivered to the people within this month, adding that distribution of the buses will be based on assess to CNG.
He said electric vehicles and 5,500 tricycles will also be provided to alleviate Nigeria’s transport challenges and support he masses.
He said the tricycles will be available on higher purchase, with the beneficiaries allowed to pay overtime.
He said that government is also working on getting more people to convert their petrol vehicles to CNG.
Also speaking, Commissioner for Transportation, Lagos State, Oluwaseun Osinyemi, said the initiative will encourage more investments in CNG, adding that Lagos state has already invested in electric vehicles, with some BRT meant to become CNG enabled.
Also speaking, the Special Adviser to the President Bola Tinubu on Information and Strategy, Bayo Onanuga, said Nigeria is currently at the stage of revolution in the transport sector, adding that PI-CNG will support the sector’s quest for excellence and growth. He said more acceptance and promotion of CNG initiative will continue to support economic growth
