PCNGi commits over $450 million to revolutionize Nigeria’s CNG value chain

NAIRAMETRICS

The Project Director and Chief Executive Officer (CEO) of the Presidential Compressed Natural Gas Initiative (PCNGi), Michael Oluwagbemi, has disclosed that the Federal Government (FG) has invested over $450 million in the development of Nigeria’s Compressed Natural Gas (CNG) value chain.

Oluwagbemi, who was represented by Mr. Tosin Coker, the Head of Commercial at PCNGi, made this announcement during his address at the 9th Edition of the Nigeria Energy Forum (NEF2024) in Lagos on Monday, as reported by the News Agency of Nigeria (NAN).

He emphasized that the investment spans critical areas of the CNG infrastructure, including the establishment of mother stations, daughter stations, refueling stations, and conversion centers across the country.

“The Presidential Compressed Natural Gas Initiative (PCNGi) on Monday said that it had invested more than 450 million U.S Dollars in the Compressed Natural Gas (CNG) value chain,” the NAN report read in part.

It added, “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 revealed that the initiative has successfully converted over 10,000 vehicles from petrol to CNG. He further highlighted that by 2027, the initiative aims to convert more than one million petrol-powered vehicles to CNG.