The Presidential Compressed Natural Gas Initiative (PCNGi) has invested over $450 million into Nigeria’s Compressed Natural Gas (CNG) value chain, according to Michael Oluwagbemi, the initiative’s Project Director and CEO. He shared the update during the 9th edition of the Nigeria Energy Forum (NEF2024) virtual event in Lagos, which focuses on "Energising Sustainable Industrialisation."
The investment covers several key areas, including the development of mother stations, daughter stations, refueling stations, and conversion centers that are rapidly expanding across the country. These initiatives aim to make CNG a more accessible alternative to petrol, especially for vehicles. So far, the initiative has successfully converted over 10,000 vehicles from petrol to CNG, with plans to convert more than one million vehicles by 2027.
Oluwagbemi, represented by Tosin Coker, the head of commercial at PCNGi, also reassured the public about safety. In light of past incidents involving CNG vehicle explosions, he mentioned that the initiative has taken necessary precautions in collaboration with government agencies to ensure safety.
The NEF2024 event also saw discussions on energy innovation and its role in economic and environmental sustainability. Ibironke Olubamise, National Coordinator of the GEF Small Grants Programme (SGP), emphasized the importance of investing in youth-driven energy innovation.
Daniel Adeuyi, Chairman of NEF, highlighted that the event included sessions on industrial revolutions, climate action, and clean energy innovations, sharing lessons learned from real-life projects. The National Automotive Design and Development Council (NADDC) was also represented, with Director General Joseph Osanipin noting that the council had trained over 4,000 auto technicians to help convert petrol vehicles to CNG.
Industry leaders such as Oluwatobi Ajayi, Chairman of Nord Automobile Ltd., discussed how the government’s CNG initiative has been integrated into vehicle production to reduce import dependency. Furthermore, the Ministry of Finance Incorporated (MOFI), represented by Armstrong Tankan, is working to track and manage federal government assets more effectively.
The NEF also hosted the 9th Africa Energy Innovation Challenge, which attracted over 140 entries from 25 countries. The top winners received grants to support their energy solutions, including solar-powered systems for agriculture.
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