The Presidential Compressed Natural Gas Initiative (PCNGi) confirms that the Federal Government invests over $450 million in developing Nigeria’s Compressed Natural Gas (CNG) value chain.
Michael Oluwagbemi, the Project Director and CEO of PCNGi, represented by Tosin Coker, Head of Commercial at PCNGi, shares this update during the 9th Edition of the Nigeria Energy Forum (NEF2024) in Lagos on Monday.
Oluwagbemi explains that the investment supports the establishment of critical infrastructure, including mother stations, daughter stations, refueling stations, and vehicle conversion centers across the country.
“We have committed over $450 million to Nigeria’s CNG value chain, focusing on constructing mother stations, daughter stations, refueling stations, and conversion centers,” he states.
Progress and Future Plans
The initiative reports that it has already converted more than 10,000 vehicles from petrol to CNG. By 2027, PCNGi aims to convert over one million petrol-powered vehicles to CNG, advancing the country’s transition to cleaner energy alternatives.
On safety concerns, Oluwagbemi reassures Nigerians that robust safety measures, developed in collaboration with relevant government agencies, are in place to ensure the secure operation of CNG-powered vehicles.
Key Investment Milestones
In November 2024, PCNGi announces an initial investment of $200 million directed toward developing mother stations, daughter stations, refueling stations, and conversion centers. Of this amount, $175 million is allocated for mother stations, while 65 new licenses are issued to support sector expansion.
By December 2024, the total investment surpasses $450 million, reflecting the Federal Government’s ongoing commitment to enhancing Nigeria’s CNG infrastructure and promoting sustainable energy solutions nationwide.
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