The Federal Government has announced that the Presidential Compressed Natural Gas (CNG) initiative has attracted $175 million in private sector investments towards critical infrastructure over the past year.
This update was provided by the Minister of Information and National Orientation, Mohammed Idris, in a statement on X (formerly Twitter) on Tuesday.
According to Idris, the number of CNG conversion centres in Nigeria has risen to 125, up from just seven a year ago. He highlighted that CNG offers significant cost advantages over petrol and diesel, with the potential to reduce transportation and commuting expenses by more than 60%.
โOne of the major challenges currently facing the country is the high cost of transportation due to the removal of the petrol subsidy,โ Idris explained. โThis led to the launch of a national program to promote Compressed Natural Gas (CNG) as the fuel of choice for vehicles in Nigeria. CNG is not only cheaper, but itโs also a cleaner and more environmentally friendly alternative.โ
Idris emphasized that Nigeria, blessed with abundant gas resources, is making a smart move by investing in CNG for the future.
“In the last year, the Presidential CNG initiative has unlocked $175 million in private sector investments for essential infrastructure. As a result, Nigeria now boasts 125 CNG conversion centres, compared to just seven a year ago,” he added.
Speaking about the recent developments at the Dangote Refinery, Idris said that the commencement of petrol refining has significantly altered Nigeriaโs energy landscape.
โIn September, the worldโs largest single-train crude oil refinery began producing petrol for the Nigerian market, changing the narrative of an oil-producing nation that previously relied solely on imported petrol,โ Idris said.
He also confirmed that the Dangote Refinery will begin paying for crude oil supplies in naira starting this month, a decision approved by President Bola Tinubu aimed at reducing the cost of locally produced petroleum products.
Furthermore, Idris mentioned that the new Presidential Gas for Growth Initiative is implementing a zero-percent VAT regime on gas and gas-related equipment sales, which will also contribute to lowering transport costs.
In addition to addressing transportation costs, the Federal Government is targeting other sectors such as food and pharmaceuticals to reduce prices. President Tinubu has approved the temporary removal of import duties and taxes on select essential food items, as well as pharmaceutical raw materials and equipment.
Idris acknowledged that it would take time for the effects of these policies to be fully felt by Nigerians but called for patience, assuring that the positive impacts would soon be evident.
He also highlighted initiatives such as the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CrediCorp), which are providing financial assistance to students and workers, enabling them to pursue education, grow businesses, and improve their livelihoods.
โAt the end of the day, what matters most is making life better for all Nigerians and ensuring no one is left behind,โ Idris said. โThere is something for everyone, and I encourage all Nigerians to explore these transformational programs.โ
He concluded by wishing the nation a happy 64th Independence anniversary.
