FG secures $2bn CNG investments, targets $5bn by 2027

Executive Chairman, PCNGi, Ismaeel Ahmed. Photo: Facebook / Barr. Ismaeel Ahmed

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The Presidential Initiative on Compressed Natural Gas and Electric Vehicles said it has attracted more than $2bn in private-sector investments into the country’s CNG subsector, with a target of hitting $5bn by 2027.

The Executive Chairman/CEO of PiCNG, Ismaeel Ahmed, disclosed this on Friday in Abuja at the unveiling of new CNG products by Alfa Design Nigeria Limited.

Ahmed was represented by PiCNG’s Chief Compliance Officer, Zayyanu Tambari.

“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,” he 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.

NAN

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