FG sets projected cost for petrol vehicle conversion to CNG

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FG sets projected cost for petrol vehicle conversion to CNG
FG sets projected cost for petrol vehicle conversion to CNG

In a recent interview with Daily Trust, Engr. Michael Oluwagbemi, the Chief Executive Officer of the Presidential Compressed Natural Gas Initiative (P-CNGi) Steering Committee, disclosed that the projected cost for Nigerians to convert their petrol vehicles to run on Compressed Natural Gas (CNG) falls between N300,000 and N600,000.

This announcement followed the official commissioning of CNG conversion centers and a demonstration of converted CNG vehicles at the head office of Femadec Group in Lagos, a key partner in the initiative.

Engr. Oluwagbemi further outlined the Federal Government’s ambitious plan to establish 10,000 CNG conversion workshops across the country in the near future.

He revealed that Nigeria aims to initiate the assembly and manufacturing of CNG conversion kits domestically, a move expected to generate employment opportunities.

Highlighting the government’s support for the initiative, Oluwagbemi stated, “Currently, we are importing conversion kits, but under this initiative as a relief for Nigerians, the government is offering discounts on the immediate conversion cost and is considering flexible payment options as the committee continues to review the CNG initiative, offering more discounts and incentives.”

Moreover, the CEO of P-CNGi emphasized that the Federal Government’s drive to transition to CNG-powered vehicles is anticipated to attract over $2 billion in investments into the Nigerian economy.

He underscored the potential of the initiative to create more than 250,000 employment opportunities for various professionals nationwide.