Infrastructure Bank Delegation Visits PCNGi CEO Oluwagbemi, Seeks Partnership to Accelerate CNG Growth

In a move to accelerate the growth of the Compressed Natural Gas (CNG) industry, the Infrastructure Bank team, led by Acting Managing Director/CEO, Ms. Nkiru Chime, paid a working visit to the Presidential Compressed Natural Gas Initiative (PCNGI) team.

The meeting aimed to explore expanded financing opportunities for the emerging CNG sector, aligning with the government’s vision to promote cleaner energy and reduce transportation costs.

PCNGI Program Director, Engr. Michael Oluwagbemi, highlighted recent accomplishments, including the successful conversion of over 1,000 vehicles to CNG and the establishment of 10 new CNG stations across the country.

The initiative aims to achieve 50,000 CNG-enabled vehicles and 100 CNG stations by 2025, creating a sustainable market for gas and reducing carbon emissions.

Ms. Chime emphasized the Infrastructure Bank’s commitment to supporting the PCNGI, stating, “We are dedicated to providing financing solutions that will accelerate the growth of the CNG sector, creating jobs and stimulating economic development.”

The government established the PCNGI to reduce dependence on fossil fuels, promote cleaner energy, and enhance energy security.