•In talks with banks, others on conversion funding
The Minister of Labour and Employment, Dr Nkeiruka Onyejeocha, said the Presidential CNG Initiative (PCNGI) would improve the well-being of the average Nigerian, disclosing that the programme would train 25,000 auto technicians.
This comes as the Federal Government is said to have started concluding incentives to attract financial institutions into the funding of vehicle conversion.
At the launch of the initiative in Lagos yesterday, the minister described the initiative as “a beacon of hope” not only for the transport sector but also for the entire country, which she said, would benefit immensely from the economics of compressed natural gas (CNG)-powered vehicles.
“As we gather here, we are reminded of the pressing need to propel our nation forward, not just in terms of economic growth, but in creating opportunities that uplift every citizen. The PCNGI stands as a testament to this vision, as it not only seeks to revolutionise Nigeria’s transport sector with cleaner energy but also commits to upskilling and training 25,000 auto technicians in the process,” she said.
She highlighted the importance of collaboration in achieving the goals of the scheme, a reason the Ministry of Labour and Employment is working closely with the PCNGI on the project.
Onyejeocha said the successes of previous efforts by the FG to create jobs were overshadowed by “inadequate measurements and reporting” but that the new administration has adopted new approaches to achieve success in job creation and showcase the records with pride.
“We recognise the importance of accountability and transparency in governance. That is why we are determined to not only create meaningful change but also to showcase our achievements with pride,” she said.
President Bola Tinubu’s media aide, Bayo Onanuga, also described the initiative as “revolutionary”, saying CNG has cost and clean environment advantage over fossil fuel. He said the programme is key to the President’s economic agenda and its implementation is in the interest of an average Nigerian.
PCNGI Programme Director, Michael Oluwagbemi, said the FG is firming up new incentives to reduce the cost of conversion, which many experts identified as a major setback of the programme.
The incentives, which would be announced on May 29, he said, would expand the participation and make its funding attractive to financial institutions.
He disclosed that some commercial banks have indicated interest in the funding arrangement.
Meanwhile, Oluwagbemi, in a statement, described the Lagos meeting as the beginning of an extensive pre-launch itinerary aimed at engaging stakeholders and showcasing critical gas supply projects to foster sustainable energy solutions and reduce carbon emissions.
He said: “The PCNGI is embarking on an extensive pre-launch itinerary aimed at engaging stakeholders, showcasing critical gas supply projects, and facilitating the conversion and refuelling infrastructure across the nation
