On Monday, the Presidential Compressed Natural Gas Initiative said it had invested more than $450 million in the compressed natural gas value chain.

Michael Oluwagbemi, PCNGi CEO, disclosed this during the ninth edition of the Nigeria Energy Forum in Lagos.

According to the PCNGi CEO, the amount goes into things like mother stations, daughter stations, refuelling stations, and conversion centres, which are starting to spring up across the nation.

Mr Oluwagbemi said the initiative had successfully converted more than 10,000 vehicles from petrol to CNG.

“By 2027, the initiative will have converted more than one million vehicles using petrol to CNG,” he said.

In the case of incidents of vehicle explosions using CNG, the CEO assured Nigerians that it had taken precautionary measures with different government agencies to ensure safety.

Ibironke Olubamise, national coordinator of the GEF Small Grants Programme (SGP), managed by UNDP, said the SGP was investing in youth energy innovation for economic growth and environmental sustainability.

Daniel Adeuyi, NEF group chairman, said the council had started campaigns to sensitise Nigerians on the advantages of using CNG to power their vehicles.

Oluwatobi Ajayi, the chairman and managing director of Nord Automobile Ltd., said the company was established to tackle the growing demand for vehicles in Africa and reduce import dependency.

He said because of the federal government’s CNG initiative, the company had incorporated it into their vehicle production to meet up with the government policy.

Armstrong Tankan, the CEO of Ministry of Finance Incorporated, said MOFI was set up in 1959 as the statutory vehicle to hold all the assets owned by the federal government.

Adekunle Makinde, the NEF co-chair, said the ninth Africa Energy Innovation Challenge (AEIC) attracted over 140 entries from 25 African countries, with over 99 per cent of entries as first-time participants.

(NAN)