By Jennete Ugo Anya
The federal government has shared that citizens will incur costs ranging from N300,000 to N600,000 for converting their petrol vehicles to Compressed Natural Gas (CNG), dependent on exchange rates.
Engr. Michael Oluwagbemi, Chief Executive Officer (CEO) of the Presidential Compressed Natural Gas Initiative (P-CNGi) Steering Committee, stated this after the official commissioning of CNG conversion centres in Lagos.
Engr. Oluwagbemi revealed plans to establish 10,000 CNG vehicle conversion workshops and expressed Nigeria’s goal to locally manufacture CNG conversion kits, aiming to generate employment.
The government is offering discounts on conversion costs and exploring flexible payment options.
The initiative is projected to attract over $2 billion in investments and create 250,000 jobs, with support from private partners like Femadec Group.
CEO of Femadec Limited, Mr. Fola Akinola, anticipates financial support from banks and the government to boost the initiative.