By Blessing Otobong-Gabriel
Federal government has attracted more than $2 billion in private-sector investments into the Compressed Natural Gas, CNG, subsector, with a target of hitting $5 billion by 2027.
This was revealed yesterday in Abuja by the Executive Chairman/CEO of the Presidential Initiative on Compressed Natural Gas, PICNG, and Electric Vehicles, Ismaeel Ahmed, at the unveiling of new CNG products by Alfa Design Nigeria Limited.
“As of 2023, when this programme started, the CNG sector was virtually non-existent. It was not really attracting any serious investment from any quarters.
“Today, as I speak, we have attracted over 1.8 billion dollars in investments. We have rounded up to two billion dollars of private sector investment in the CNG subsector in just two years,” Ahmed, who was represented by PICNG’s Chief Compliance Officer, Zayyanu Tambari, said.
He noted that the 2027 target of $5bn was “modest,” adding that current investor interest indicated that the country could reach “double-digit” billion-dollar figures by that time.
According to him, the sector has already created more than 80,000 direct jobs, with a projected rise to 300,000 direct jobs by 2027.
“We are already at 80,000 direct jobs. Again, we are reasonably confident we will meet and exceed this target,” he said.
Ahmed recalled that when President Bola Tinubu launched the CNG programme in 2023, Nigeria had only seven conversion centres.
The number has now risen to 369, with a target of 3,000 centres by 2027.
On CNG refuelling infrastructure, he said the country had only 20 stations in 2023.
“Currently, there are over 68 licensed and over 150 under construction at various stages of being completed.
“The target for 2027 is around 2,000 to 2,500 retail outlets,’’ he added
The Abuja event featured the unveiling of several new CNG products, including conversion kits by Mijo AutoGas, cylinders by EKC International, a mother station by CIMC ENRIC, and an Optical Gas Imaging Camera by Opgal Optronics.
