FG Targets $2bn Investment, Jobs From CNG Conversion Centre

The Federal Government of Nigeria is targeting an investment of over $2bn from the newly commissioned Compressed Natural Gas (CNG) conversion facility in Lagos.

The initiative is also expected to create more than 250, 000 employment opportunities for different professionals.

Engr. Micheal Oluwagbemi, the Chief Executive Officer, Presidential Compressed Natural Gas Initiative P-CNGi Steering made this known during the official commissioning of the center.

According to him; the facility can boost the nation’s economy and help to stabilise the inflation rate, adding that Nigeria was blessed with abundant natural gas to be used for both industrial and domestic purposes and to reduce the cost of transportation.

Read Also:  As The World Move Towards Less Carbon Emission, Diesel Car Sales Fall to Fresh Low

“We hope that the process of the CNG conversion programme with private sector companies will attract an investment of well over $2billion and create over 250, 000 jobs.

This initiative will require more hands to further create opportunities for engagements in the automobile industry starting from the manufacturers to technicians and floor workers at conversion stations and refuelling stations,” he said.

Oluwagbemi said the committee is looking at having 10, 000 CNG vehicle conversion workshops in Lagos very soon.

On the cost of conversion, Oluwagbemi stated that it could cost between N300,000 to about N600,000, depending on the compatibility of the exchange rates until Nigeria would begin to assemble and manufacture CNG conversion kits.

The Chief Executive Officer, Femadec Limited, Fola Akinola, said the partnership had been long expected such that the firm can also deploy resources to make sure that Nigerians make good use of their natural gas.