The Presidential Compressed Natural Gas Initiative (PCNGi) has announced an investment exceeding $450 million in the Compressed Natural Gas (CNG) value chain.
Speaking at the 9th Nigeria Energy Forum (NEF2024) virtual event in Lagos, PCNGi Project Director and CEO, Michael Oluwagbemi, emphasized the initiative’s commitment to advancing Nigeria’s energy sector.
The announcement underscores the growing role of CNG in driving sustainable energy solutions across the country.
According to the PCNGi CEO, the amount goes into things like mother stations, daughter stations and refueling stations as well as conversion centres which are starting to spring up across the nation.
Oluwagbemi, who was represented by Mr Tosin Coker, the Head of Commercial, PCNGi, said the initiative had successfully converted more than 10,000 vehicles from petrol to CNG.
“By 2027, the initiative will have converted more than one million vehicles using petrol to CNG,” he said.