FG says they attract $2 billion in CNG investments, aim for $5 billion by 2027.
The Presidential Initiative on Compressed Natural Gas and Electric Vehicles (PiCNG) has successfully drawn over $2 billion from private investors into Nigeria's CNG sector, with ambitions to reach $5 billion by 2027.
This announcement came from PiCNG's Executive Chairman and CEO, Ismaeel Ahmed, during the launch of innovative CNG technologies by Alfa Design Nigeria Limited in Abuja on Friday. Ahmed's remarks were delivered by the initiative's Chief Compliance Officer, Zayyanu Tambari.
He highlighted the sector's rapid transformation: "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 in investments. We have rounded up to two billion dollars of private sector investment in the CNG subsector in just two years."
Describing the $5 billion goal as "modest," Ahmed suggested that surging investor enthusiasm could push investments into "double-digit" billions by the target year.
The said initiative has already generated more than 80,000 direct jobs, with projections to expand to 300,000 by 2027. "We are already at 80,000 direct jobs," Ahmed noted. "Again, we are reasonably confident we will meet and exceed this target."
He added that Infrastructure growth has been equally impressive. Conversion centers for CNG vehicles have surged from just seven in 2023, following President Bola Tinubu's launch of the program, to 369 today, with plans for 3,000 by 2027.
He said refueling stations have also multiplied: from 20 in 2023 to over 68 licensed outlets, plus more than 150 in various stages of construction. The vision includes 2,000 to 2,500 retail stations nationwide by 2027.
FG says they attract $2 billion in CNG investments, aim for $5 billion by 2027.
The Presidential Initiative on Compressed Natural Gas and Electric Vehicles (PiCNG) has successfully drawn over $2 billion from private investors into Nigeria's CNG sector, with ambitions to reach $5 billion by 2027.
This announcement came from PiCNG's Executive Chairman and CEO, Ismaeel Ahmed, during the launch of innovative CNG technologies by Alfa Design Nigeria Limited in Abuja on Friday. Ahmed's remarks were delivered by the initiative's Chief Compliance Officer, Zayyanu Tambari.
He highlighted the sector's rapid transformation: "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 in investments. We have rounded up to two billion dollars of private sector investment in the CNG subsector in just two years."
Describing the $5 billion goal as "modest," Ahmed suggested that surging investor enthusiasm could push investments into "double-digit" billions by the target year.
The said initiative has already generated more than 80,000 direct jobs, with projections to expand to 300,000 by 2027. "We are already at 80,000 direct jobs," Ahmed noted. "Again, we are reasonably confident we will meet and exceed this target."
He added that Infrastructure growth has been equally impressive. Conversion centers for CNG vehicles have surged from just seven in 2023, following President Bola Tinubu's launch of the program, to 369 today, with plans for 3,000 by 2027.
He said refueling stations have also multiplied: from 20 in 2023 to over 68 licensed outlets, plus more than 150 in various stages of construction. The vision includes 2,000 to 2,500 retail stations nationwide by 2027.