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Tuesday, June 18, 2024

Nigeria: FG Seeks $2.5b Funding to Ship 1m Cng Autos

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The federal authorities has revealed the necessity of $2.5 billion price funding from the personal sector to ship a million autos to Compressed Pure Fuel (CNG) earlier than 2027.

The Head of Media Relations of the Presidential Compressed Pure Fuel (CNG) Initiative (PCNGI), Taiwo Fashipe, said this throughout the commissioning of MBH Energy CNG Retrofitting Conversion Centre in Lagos.

“The Federal Authorities of Nigeria is searching for an funding of $2.5 billion from the personal sector as we attempt to attain the bold goal of changing 1 million autos to CNG by the yr 2027,” she mentioned.

She disclosed that the initiative had attracted over $45 million in investments, harping on the necessity for extra personal entities to maximise the worth chain within the sector.

“Moreover, the initiative has endorsed the inauguration of 10 pilot conversion centres in collaboration with key personal sector entities and is on monitor to extend the variety of CNG refueling stations by 55 by yr’s finish,” she confused.

Earlier, the Managing Director of MBH, Bagu Mukhi, mentioned the institution of the CNG workshop was birthed to help the federal authorities’s plan to transform autos to CNG.

“The setting of this facility in Lagos may be very strategic as it’s positioned to make these necessary cost- efficient various fuels available for each home and industrial customers within the close by communities.

“That is the primary centre and MBH guarantees so as to add 4 centres earlier than the yr ends to enrich this initiative with filling stations for the gas-converted autos too,” he mentioned.

He confused that CNG autos are inexpensive and would assist to scale back fossil gas emissions.

“Nigeria, as everyone knows, holds extra fuel reserves than oil. Fuel will not be solely cleaner for the setting but in addition value efficient.

“On the world rating, MBH, we’re eager on harnessing the monetisation of Pure Fuel for offering cost-effective electrical energy, cleaner gas for transportation, and all different ancillary options,” he mentioned.


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