The Presidential Compressed Natural Gas Initiative, PCNGi, has announced an investment of over $450 million in Nigeria’s Compressed Natural Gas, CNG, value chain, signaling a robust push towards cleaner and more sustainable energy sources.
This milestone was disclosed by the PCNGi Project Director and Chief Executive Officer, Mr. Michael Oluwagbemi, during the second day of the 9th Edition of the Nigeria Energy Forum, held virtually in Lagos.
Themed: “Energising Sustainable Industrialisation,” NEF2024 provided a platform for stakeholders across the energy sector to share insights on advancing Nigeria’s energy transition.
Represented by Mr. Tosin Coker, the Head of Commercial at PCNGi, Oluwagbemi highlighted that the investment spans mother stations, daughter stations, refueling stations, and conversion centers, which are gradually becoming operational nationwide.
Since its inception, the PCNG initiative has successfully converted over 10,000 vehicles from petrol to CNG. By 2027, it aims to achieve an ambitious target of converting more than one million petrol-powered vehicles to CNG, significantly reducing emissions and dependency on fossil fuels.
Addressing concerns about the safety of CNG-powered vehicles, Oluwagbemi assured Nigerians that stringent measures have been implemented in collaboration with government agencies to ensure operational safety and prevent incidents such as explosions.
The forum also showcased various initiatives aligned with sustainable energy and economic development. Mrs. Ibironke Olubamise, National Coordinator of the GEF Small Grants Programme, managed by the United Nations Development Programme, emphasized the importance of investing in youth-driven energy innovation for economic growth and environmental sustainability.
READ ALSO : Nigeria targets massive boost in CNG conversions by 2025
Dr. Daniel Adeuyi, NEF Group Chairman, underscored the forum’s focus on lessons from real-life projects. He added that sessions were tailored to empower young entrepreneurs and professionals in cross-industry roles, fostering clean energy adoption and industrial innovation.
The Director General of the National Automotive Design and Development Council, Mr. Joseph Osanipin, disclosed that over 4,000 auto technicians have been trained to convert petrol vehicles to CNG. Furthermore, the council has initiated nationwide campaigns to educate Nigerians on the economic and environmental benefits of CNG.
“CNG offers a cleaner, more affordable alternative to petrol, providing an environmentally friendly energy option while reducing operational costs for vehicle owners,” Osanipin noted.
Private enterprises are also aligning with the Federal Government’s CNG agenda. Oluwatobi Ajayi, Chairman and Managing Director of Nord Automobile Ltd., shared how his company is incorporating CNG technology into its vehicle production, addressing Africa’s rising demand for locally produced, eco-friendly vehicles.
Dr. Armstrong Tankan, Managing Director and CEO of the Ministry of Finance Incorporated (MOFI), highlighted the agency’s role in optimizing federal assets to support initiatives like PCNGi. Tankan noted the importance of maximizing value from both local and international government-owned assets to enhance national output and minimize waste.
NEF2024 also spotlighted the 9th Africa Energy Innovation Challenge, which attracted over 140 entries from 25 African nations. Supported by GEF-SGP UNDP, Afrexim Bank, and Oando Clean Energy Ltd., the challenge awarded prizes to top innovators.
- First Prize (₦2 million): Solar-powered dehydrators for agro-processing.
- Second Prize (₦1.5 million): Irrigation loop by Thinpower.
- Third Prize (₦1 million): Solar-powered irrigation and cold storage for farmers.
Engr. Adekunle Makinde, NEF Co-Chair, lauded the youth participants for their creativity, stating that over 99% of the entries were first-time participants.
With these initiatives, Nigeria is firmly on track to revolutionize its energy landscape, leveraging CNG and renewable energy technologies to drive economic growth, environmental sustainability, and energy independence. As stakeholders rally around PCNGi and similar programs, the country is poised to lead Africa in adopting cleaner energy alternatives.
Credible News.ng
