The Presidential Compressed Natural Gas Initiative (PCNGi) Monday said it had invested more than $450 million in the Compressed Natural Gas (CNG) value chain.
The Project Director and Chief Executive Officer (CEO) of PCNGi, Michael Oluwagbemi, stated this during the 9th edition of the Nigeria Energy Forum (NEF2024) Day 2, Virtual Event in Lagos.
The theme of the 9th edition of NEF was: “Energising Sustainable Industrialisation.”
PCNGi CEO said 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 Tosin Coker, the head of commercial at the 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.
On incidents of explosion of vehicles using CNG, the CEO assured Nigerians that it had taken precautionary measures with different agencies of government to ensure safety.
The national coordinator of the GEF Small Grants Programme (SGP), managed by UNDP, Ibironke Olubamise, said the SGP was investing in youth energy innovation for economic growth and environmental sustainability.
The NEF group chairman, Daniel Adeuyi, said, “The event featured three super sessions on Energising Industrial Revolution, Community Climate Action by GEF-SGP UNDP and Clean Energy Innovations.
“The sessions are to share lessons learnt from real-life projects and build capacity of young entrepreneurs and cross-industry professionals.”
The director general of the National Automotive Design and Development Council (NADDC), Joseph Osanipin, said the council had trained more than 4,000 auto technicians on how to convert petrol vehicles to CNG.
(Premium Times)