...As OGFZA Attracts FDI worth Over $1bn In Last 17 Months
…FG Sensitizes Stakeholders On CNG Adoption To Sustain Transportation
By Eric Moore
PRESIDENTIAL Compressed Natural Gas Initiative (PCNGI) has disclosed that it has generated about $459 under the President Bola Tinubu-led administration in the last one year.
Programme Director of PCNGI, Michael Oluwagbemi, made the disclosure when he spoke at stakeholders’ sensitization programme on Compressed Natural Gas (CNG) infrastructure development organized by Portland Gas Limited held at Oil and Gas Free Zones Authority (OGFZA), Onne, in Rivers State on Tuesday.
He said before the initiative, there were only seven conversion centres, but with the establishment of PCNGI, the centres have increased to 153.
According to him, President Tinubu understands Nigerians’ addiction to fuel usage, stating that if natural gas is utilized, it would insulate the industry from high cost.
Also, the OGFZA said that in the last 17 months under the Tinubu-led administration, it has attracted Foreign Direct Investment (FDI) worth over USD$1 billion”.
Managing Director/Chief Executive Officer of the OGFZA, Bamanga Jada, revealed this at the event, adding the free zone is the premier Energy Free Zone in Sub+Sahara Africa.
He lauded President Tinubu for bringing bold and crucial reforms into various sectors of Nigeria’s economy.
Jada said one of the many reform policies is the PCNGI, describing it as “an innovative and far-sighted programme introduced by Mr. President as a component of his palliative intervention to provide cheaper and cleaner fueling alternative that will significantly lower the energy cost in the country.”
Meanwhile, the Federal Government through the Ministry of Industry, Trade and Investment has said that it is fully committed to fostering partnerships with stakeholders across the public and private sectors.
Minister of Industry, Trade and
Investment, Jumoke Oduwole, stressed that it is important for government to prioritize engagement with critical stakeholders to a robust strategic sensitization on the CNG adoption to reduce the cost of living.
She stated: “As witnessed today, the strategic collaboration between Oil and Gas Free Zones Authority and Portland Gas limited, on CNG Adoption and development project is an initiative to promote the use of CNG as an alternative cleaner and cheaper energy source tailored towards contributing to the current administration’s transformative agenda.
“In achieving this transformative initiative, we must prioritize engaging stakeholders to a robust and strategic sensitization and capacity building on CNG adoption, which is an important step in educating transport operators,
industrial players and end-users about the economic and environmental benefits of adopting CNG. Thus, public awareness, policy alignment and coordinated implementation will ensure that the transition is seamless and inclusive.”
The minister, who spoke through Mrs. Theresa Ogolo, a director from the ministry, said the event marked a significant milestone in the nation’s collective effort to drive sustainable transportation and transition to cleaner and more efficient energy systems.
She said: “Climate change, volatile fossil fuel markets and the demand for cleaner environment has compelled government, industries and citizens alike to rethink energy consumption, with emphasis on President Bola Ahmed Tinubu’s Compressed Natural Gas Initiative (Pi-CNG), geared to promote and accelerate the use of CNG as a clean alternative source of
energy.
“Today’s event underscores Nigeria’s commitment to addressing these challenges while leveraging on one of our greatest natural assets (natural gas).
“The adoption of CNG as a viable alternative fuel aligns with the Federal Government’s broader energy transition strategy. This strategy seeks to diversify our energy mix, reduce carbon emissions, and harness the
economic potential of Nigeria’s abundant natural gas reserves. CNG offers a cleaner, cheaper and more sustainable solution for powering vehicles, particularly in the transportation and logistics sectors that underpin our industrial activities.
“Our presence here today, at Onne Oil and Gas Free Zone is deliberate
and strategic. As a hub for innovation, investment, and industrial activity, Onne is ideally positioned to serve as a launching pad for this initiative.
“By developing CNG infrastructure within this zone, we are setting the stage for widespread adoption across Nigeria and supporting a future where industries and transportation systems thrive sustainably.”
In his speech, Managing Director, Portland Gas Limited, Folajimi Mohammed, the event marked positive steps into the oil and gas free zone.
He said: “Basically, what we are trying to do is to make sure we make CNG adoption accelerated by converting trucks and cars within the zone.
“The only zone, as we know, is very important and public zone where a lot of industries are. So, for us, we believe this is a hub that will accelerate CNG conversation.
“The drive for conversation to CNG has been very aggressive by the present administration. The drive has been spreading very fast. As at today, we are not having issues of conversation but refilling, which we believe that the adoption has been very high. Very soon, the private stakeholders are tackling the issue of refilling and it is going on very well.”