Micheal Oluwagbemi, Project Director and CEO of the Presidential Compressed Natural Gas Initiative, announced at an event in Ojota, Lagos on Saturday, July 20, that the Nigerian government is implementing a plan to move away from high priced fuel costs (N750-N1000 per liter).
This initiative will involve commissioning 30,000 Compressed Natural Gas (CNG) powered vehicles within the next 90 days.
The project, led by Oluwagbemi, will include the distribution of 30,000 free CNG conversion kits nationwide. The initiative is expected to cost N36 billion, with each conversion kit and installation valued at N1.2 million per vehicle.
He added: “Today, we are here with conversion kits. We have bought over 30,000 of these kits, mainly for distribution in the next 90 days.
“The President has told us that this is not just to end with 30,000 kits, the target is one million kits. We want to make sure all of you can benefit from this government initiative.
“The era of buying N750, N800, or N1000/liter fuel is over. We are not doing that again. We will start using the gas under our feet so that we can buy it at N230/kg.”
