FG attracts $2bn investments in CNG, targets $5bn in 2027 – PiCNG

The Presidential Initiative on Compressed Natural Gas (PiCNG) and Electric Vehicles (EVs) says it has attracted more than two billion dollars investments in the CNG subsector.

The Executive Chairman/CEO, PiCNG, Mr Ismaeel Ahmed, made this known on Friday in Abuja at the Alfa Design Nigeria Limited CNG products unveiling and stakeholders’ engagement in collaboration with the News Agency of Nigeria (NAN).

9news Nigeria reports that the products were unveiled by the PiCNG boss, alongside other dignitaries.

The dignitaries included Malam Ali M. Ali, NAN Managing Director, Mr Mubarak Abdul, Alfa Designs Chief Operating Officer, Pankaj Bohhra, Mijo Auto Gas, PiCNG officials and others.

The products that were unveiled included CNG conversion kits by Mijo AutoGas, CNG cylinder by EKC International, CNG Mother Station by CIMC ENRIC and Optical Gas Imaging Camera by Opgal Optronics.

Ahmed was represented by Mr Zayyanu Tambari, Chief Compliance Officer, PiCNG.

He said that the initiative rounded up to two billion dollars of private sector investment in the CNG subsector in just two years while targeting five billion dollars investment in 2027.

“As of 2023, when this programme started, the CNG sector was virtually non-existent.

“It was not really attracting any serious investment from any quarters. Today, as I speak, we have attracted over 1.8 billion dollars investments.

“We have rounded up to two billion dollars of private sector investment in the CNG subsector in just two years,” he said.

He said that the event was a further reinforcement of the investment growing in the CNG space, adding that the target for 2027 is a modest target of five billion dollars.

“I believe by 2027, we should be looking at double digits investment numbers in the CNG sector, looking at the interest that the private sector is showing in the CNG ecosystem. Then jobs created,’’ he said.

Ahmed said that the sector had also attracted over 80,000 direct jobs, adding that indirect jobs typically would be in the mode of a ratio of one to four.

According to him, the target for 2027 is 300,000 direct jobs.

“We are already at 80,000 direct jobs. Again, we are reasonably confident we will meet and exceed this target,” he said.

He recalled that President Bola Tinubu unveiled the CNG programme in 2023 as a critical component of the energy mix in Nigeria, adding that in 2023, there were only seven conversion centres in Nigeria.

“Today, we are looking at 369, and the number is growing almost on a daily basis.

“The target for 2027 is 3,000 conversion centres.

“But if you look at what we have achieved, and then we are now growing in geometric and hopefully in exponential progression, by 2027 we will exceed this number,’’ he said.

On refueling stations, he explained that in 2023, there were only 20 CNG refueling infrastructure in Nigeria.

“Currently, there are over 68 licensed and over 150 under construction at various stages of being completed.

“The target for 2027 is around 2,000 to 2,500 retail outlets,’’ he said.