The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has highlighted the Federal Government’s adoption of Compressed Natural Gas (CNG) as an opportunity for private sector players, News About Nigeria reports.
Edun made this statement during the unveiling of the 2023 Nigerian Banking Sector Report by Afrinvest in Lagos on Wednesday.
Represented by the Managing Director of the Ministry Of Finance Incorporated, Dr Armstrong Takang, Edun emphasised that increasing the adoption of CNG would reduce production costs for businesses and households.
He acknowledged the cost advantages of CNG compared to Premium Motor Spirit (PMS) and emphasised the need for aggressive steps to drive its adoption.
Edun mentioned upcoming announcements on measures to trigger demand in the CNG value chain.
He also pointed out the necessity of increased investment in conversion kits, refuelling stations, and infrastructure for the successful implementation of the CNG substitution campaign.
Edun expressed confidence that such investments would provide opportunities for private-sector partnerships.
In addition to discussing CNG adoption, the Finance Minister confirmed that the Federal Government’s targets for Tax to GDP ratio of 18% and Revenue to GDP ratio of 25% by 2026 remained intact.
He provided an optimistic outlook, stating that ongoing reforms were expected to deliver meaningful improvements in key revenue and debt metrics by 2025.
The Group Managing Director of Afrinvest Group, Ike Chioke, echoed the need for collaboration between the government and the private sector to rejuvenate Nigeria’s economy. He emphasised the comprehensive work required to synchronise various circles, including monetary and fiscal policy, revenue generation, and financial management, to achieve the goal of ‘Getting Nigeria to Work Again’.
Chioke urged collaborative efforts to address economic challenges and push for a more synchronised and robust economic landscape.
