Infrastructure Bank, FEMADEC Group Partner to Boost Gas-powered Transport System
James Emejo in Abuja
The Infrastructure Bank (TIB) Plc and FEMADEC Group have forged a strategic alliance aimed at catalysing sustainable transportation in the country.
The landmark collaboration signified a notable achievement in Nigeria’s ongoing quest for cleaner energy alternatives.
The Group’s strides in operating Compressed Natural Gas (CNG) buses, including the existing fleet of 20 CNG buses under LAMATA, underscored its dedication to ecologically sound solutions, a commitment which predated the fuel subsidy removal.
Essentially, the partnership seeks to allow for the introduction of 500 CNG buses within the next five years, commencing with an initial batch of 50 buses in the forthcoming year, the proposal stands poised to instigate significant change.
The group’s leadership within the CNG value chain is undeniable, and the new alliance with the Infrastructure Bank further underscored its foresight.
The partnership seamlessly aligns with TIB’s sustainability objectives, echoing its resolute endorsement of the government’s net-zero and climate change agenda.
The bank’s aspiration to champion Nigeria’s infrastructure progress was evident in its endorsement of pivotal initiatives, yielding expansive positive impacts on both the environment and society.
The preliminary offer extended by TIB lays a solid foundation for the expansion of FEMADEC Group’s CNG bus fleet.
The acceptance of the proposition by FEMADEC Group, notably championed by the Group Chief Executive, Fola Akinnola, remained a testament to their zeal and dedication to this alliance.
Akinnola said the, “Pivotal endeavour is primed to redefine Nigeria’s public transportation landscape, offering dependable, cost-effective, and ecologically conscious travel alternatives for citizens, all while harmonising with the nation’s broader sustainability ambitions.”
The partnership further represented a remarkable stride towards a more ecologically aware future for Nigeria’s transportation sector, highlighting the shared commitment of both TIB and FEMADEC Group to sustainable advancement and progress.
