The Presidential Compressed Natural Gas Initiative (PCNGi) said the government has invested more than $200 million in the compressed natural gas (CNG) value chain.
Project Director and CEO of PCNGi, Michael Oluwagbemi, also said the initiative has successfully converted over 100,000 vehicles from petrol to CNG.

In a statement, Oluwagbemi also noted that 140 conversion centres have been established nationwide.
Oluwagbemi highlighted the programme’s achievements noting that thousands of new jobs and economic opportunities are opening up in the ecosystem.

“To date, over 100,000 vehicles have been converted from petrol to CNG/bi-fuel-powered, and more conversion centres are being established across the country. In addition, investors are ramping up the development and deployment of CNG infrastructure, with over $200 million already invested across the value chain,” he said.

The PCNGi responded to what it called a “toxic debate” against the initiative in the media, emphasising the importance of CNG in Nigeria’s energy security and the financial savings it could bring.

Oluwagbemi explained that the shift from petrol to CNG could save the country approximately $3 billion yearly while contributing an additional $2 billion in revenue over the next three to four years.

“It is surprising how the choice of petrol, for which Nigeria spends about $10 billion annually on subsidy and CNG, which has the potential to save the nation $3 billion while adding $2 billion in revenue to the national purse, is an issue of toxic debate,” he stated.

The initiative has also grown with the number of conversion centres rising from just seven in 2023 to more than 140 nationwide, he insisted.
Over 2,000 Nigerians have already been employed across these centres. With further expansion, more job opportunities are expected.