Nigeria attracts $500m in investments, creates 10,000 jobs in one year — PCNGI CEO

By Kunle Sanni

Nigeria’s Compressed Natural Gas (CNG) sector has attracted over $500 million in investments and created 10,000 direct jobs within a year, according to the Presidential CNG Initiative (PCNGI).

Engr. Michael O. Oluwagbemi, Program Director and CEO of PCNGI, emphasized that despite negative headlines, the CNG sector is not only active but expanding rapidly. “The PCNGI notes the latest alarmist headlines decrying the so-called infrastructure gap in a sector that is barely seven months into national operation,” Oluwagbemi said. “We welcome the attention, but the headlines do not do justice to the incredible vision of President Bola Ahmed Tinubu and the speed of implementation by PCNGI.”

Established in May 2024, the initiative was tasked with three primary goals: incentivizing the adoption of CNG and electric vehicles, facilitating alternative energy investment in transportation, and coordinating regulation in the emerging sector.

Within one year, the number of CNG vehicles on Nigerian roads has increased from 4,000 to over 50,000, with projections to double by year-end. This surge, according to PCNGI, is largely driven by aggressive awareness campaigns and substantial government incentives.

“Today, Nigerians love CNG, and the program is working,” Oluwagbemi affirmed. “Even our most skeptical observers have now become believers.”

In response to rising demand, both private and public sector players are ramping up infrastructure development. Two new daughter stations were recently launched in Abuja by AY Shafa and Femadec, who plan to establish 30 additional stations over the next year. Greenville is also rolling out 51 LCNG stations across the North and Southeast.