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2 weeks ago
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- The Nigerian authorities has announced that the CNG indebtedness strategy for backstage conveyance owners is yet to commence.
- The Programme Director for the scheme, Michael Oluwagbemi, revealed that the task is presently being fine-tuned.
- He indicated that the programme is managed by CreditCorp successful collaboration with spouse fiscal institutions.
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
The Nigerian government, via the Presidential Compressed Natural Gas Initiative (Pi-CNG), has disclosed that the CNG indebtedness strategy for backstage drivers is yet to go operational.
The committee disclosed that the guidelines are inactive being fine-tuned successful concern with CreditCorp and different fiscal institutions.
Source: UGC
The indebtedness strategy to go effectual soon
The programme manager for Pi-CNG, Michael Oluwagbemi, revealed this successful Abuja recently.
According to Oluwagbemi, the indebtedness installation for the programme is not yet functional arsenic the modalities are being finalised with CreditCorp and different spouse fiscal institutions.
He revealed that the strategy volition go afloat operational successful the 2nd 4th of this year.
He disclosed that immoderate advancement has been achieved successful conveyance conversions, with implicit 40,000 vehicles already converted, including 10,000 incentivised by Pi-CNG successful 2024.
He revealed that the indebtedness strategy is not managed by the committee but by CrediCorp, and is 1 of the respective projects designed to boost CNG adoption.
CreditCorp to supply the funding
According to him, different captious portion of the inaugural is the commercialized inducement programme, which gives escaped oregon subsidised conversions for commercialized conveyance operators.
He said the inducement has been operational since the past 4th of 2024 and is rapidly progressing.
He stated that the commercialized inducement strategy provides escaped oregon subsidised conversions for commercialized conveyance operators.
The programme manager stated that much filling stations were developed nationwide, with astatine slightest 125-150 expected to go operational successful 2026.
Investors are gathering much CNG stations
Oluwagbemi said the rising queues astatine CNG filling stations bespeak the adoption by conveyance owners who embracing the CNG initiative.
He highlighted the value of expanding the refuelling infrastructure, saying that the fig has grown from 11 functional stations successful 2024 to 54 nationwide.
Source: UGC
Oluwagbemi disclosed that different 85 stations are being constructed by investors, including NNPC, NIPCO, Bovas, Matric, and AY SHAFA.
“We expect astatine slightest 125-150 refuelling stations to beryllium operational successful 18 states successful the adjacent 12 months astatine the existent gait of development,” helium said.
Kojo Motors to found CNG conversion centre successful Owerri
Legit.ng earlier reported that Kojo Motors has set up a facility successful Owerri, Imo State, for the conversion of gasoline-powered automobiles to compressed earthy state (CNG), a cheaper alternate to fuel.
The National Automotive Design and Development Council (NADDC) has commended this task for their collaboration, ThisDay reported.
Joseph Oluwemimo Osanipin, the Director General of the NADDC, praised Kojo Motors astatine the Compressed Natural Gas (CNG) Empowerment and Awareness Summit 2025, which had arsenic its taxable "Building a Youth-Based Nation done Cleaner Energy."
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Source: Legit.ng
