By Patrick Idowu
The Presidential Compressed Natural Gas Initiative has secured a staggering four hundred and ninety one million dollars in private sector investments within its first year, marking a major milestone in Nigeria’s push for cleaner energy.
Project Director and Chief Executive, Michael Oluwagbemi, disclosed this on Monday at a press briefing held at the Presidential Villa, Abuja.
He described the achievement as a bold step towards reshaping the nation’s transportation and energy sectors.
“The PCNGI has not only lowered the cost of living for Nigerians but also created real jobs, stimulated industrial growth, and enhanced environmental sustainability,” Oluwagbemi declared.
He credited the massive investment to growing stakeholder confidence and strong government incentives supporting the program.
Launched by President Bola Tinubu on October first, two thousand and twenty three, the PCNGI was designed to drive the adoption of compressed natural gas and electric vehicles as cost effective and environmentally friendly alternatives to petrol and diesel.
According to Oluwagbemi, over thirty thousand vehicles have already been successfully converted to run on compressed natural gas.
The initiative has also generated over nine thousand direct jobs and seventy five thousand indirect jobs, underscoring its impact on the economy.
A major boost to this success has been the rapid expansion of vehicle conversion centres.
From just seven at the inception of the programme, Nigeria now boasts more than two hundred centres nationwide under the Conversion Incentive Programme, which was launched in August two thousand and twenty four.
The ambitious programme aims to deliver up to one million free or subsidised vehicle conversions, with a special focus on public transport operators, ride sharing services, and government agencies.
Oluwagbemi announced that over ten thousand conversions are expected to be completed by the end of this quarter alone.
He also revealed the deployment of twenty two thousand conversion kits and the training of more than three thousand new technicians to accelerate progress.
Looking ahead, the PCNGI plans to extend the conversion programme to public servants through a financing partnership with CreditCorp, ensuring even broader adoption across the country.
With these developments, the Presidential Compressed Natural Gas Initiative is fast becoming a cornerstone of Nigeria’s green energy transition, promising cleaner transportation, new economic opportunities, and a brighter future for millions.