The Federal Government through the Presidential Compressed Natural Gas (CNG) Initiative Steering Committee has said the Compressed Natural Gas conversion facility commissioned in Lagos would attract over $2bn investments into Nigeria.
Chief Executive Officer, P-CNGi, Engr. Micheal Oluwagbemi, while speaking during the official commissioning, revealed that the project would not only attract over $ 2bn in investment into the economy, but would also create more than 250 employment opportunities for different professionals.
According to him; the facility has the capacity to 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.
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“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 refueling stations,” he said.
The CNG conversion centre was established in partnership with one of the partners on the initiatives, Femadec Group.
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.
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