The Federal Government has hailed the Compress Natural Gas (CNG) initiative, stating that it has aided investments in the private sector, News About Nigeria reports.
The Minister of Information and National Orientation of Nigeria, Mohammed Idris, made this known in a statement on Tuesday.
He noted that the initiative has successfully unlocked $175 million in private-sector investments in critical infrastructure in the last year.
He stated that the initiative comprises a lot of advantages, including being cheaper and more affordable than petrol, adding that it will help in bringing down the cost of transportation and commuting by over 60 percent.
He argued that CNG is a smart and welcome bet for the future, with the removal of fuel subsidy.
He stated, “One of the biggest issues in the country currently is the cost of transportation and commuting, on account of the removal of petrol subsidy.
“This has led to the launch and rollout of a national programme to make compressed natural gas (CNG) the vehicle fuel of choice in Nigeria.
“It is also a cleaner fuel, and better for the environment.
“For a country as blessed with gas resources as Nigeria, CNG is a smart and welcome bet on the future.
“In the last year, the presidential CNG initiative has unlocked $175 million in private sector investments in critical infrastructure, and Nigeria now has 125 conversion centres, up from just seven a year ago.”
The minister added that the commencement of petrol refining by the Dangote Refinery has rewritten Nigeria’s story from negative to positive and confirmed that Dangote Refinery will begin to pay for crude supplies in naira starting this month.
“In September, the world’s largest single-train crude oil refinery began producing petrol for the Nigerian market, instantly rewriting the existing narrative of an oil producing country that is forced to depend exclusively on imported petrol.
“Starting this month, the Dangote Refinery will pay for crude oil supplies in Naira, in a welcome decision approved by President Tinubu to bring down the cost of locally produced petroleum products,” he added.
