Busola AroThe presidential compressed natural gas initiative says over $200 million has already been invested across the value chain of the scheme.
“In addition, investors are ramping up the development and deployment of CNG infrastructure, with over $200 million already invested across the value chain. Thousands of new jobs and economic opportunities are opening up along the line.”Oluwagbemi said going by the level of progress being made regarding the adoption and deployment of CNG infrastructure, there are concerns about “certain instances of misinformation against this epochal initiative by a section of the media”.
“It is surprising how the choice of petrol, for which Nigeria spent about $10 billion annually on subsidy, and CNG which has the potential to save the nation $3 billion while adding $2 billion revenue to the national purse in the next three to four years, is an issue of toxic debate. “It is important to emphasise that the explosion in Edo State happened because of substandard, uncertified, and poorly fabricated CNG cylinders, which exploded during an attempt to refill at a station,” he added.“CNG distribution is also picking up with 75 new daughter stations under construction across the country, and additional containerized and mobile refuelling units are being set up by the private sector working closely with regulators.
“The programme has now expanded to other MDAs like the Federal Road Maintenance Agency, the Ministry of Finance, and even the Federal Inland Revenue Service, as well as the PCNGI leadership team.