‘CNG Generates $459mllion in One Year’
Blessing Ibunge in Port Harcourt
The Chief Executive Officer of the Presidential CNG Initiative (Pi-CNG), Michael Oluwagbemi, has revealed that with sustenance and support of the private sector, the initiative has generated about $459milion.
This is as the Managing Director of the Oil and Gas Free Zone Authority (OGFZA), Bamanga Jada, has disclosed that within 17 months of President Bola Tinubu-led administration in office, OGFZA’s Liberty OGFZ has attracted Foreign Direct Investment (FDI) worth over $1billion.
Oluwagbemi made the disclosure yesterday at the groundbreaking of a state-of-art CNG process facility of Portland Gas Limited, sensitisation and stakeholder’s engagement on the CNG held in Onne, Rivers State.
Noting the need for collaboration with relevant stakeholders to train technicians and enhance local capabilities in CNG conversion, the Pi-CNG boss said the conversations centre have increased from seven to 153.
He said: “Gas is the fuel for industrialisation. Today we are changing the tide through President Tinubu. The president understands that we are addicted to fuel, but if we are able to utilise our natural gas we can insulate our industry from high cost.
“With the sustenance and support of the private sector we begin a rapid change. About 459milion dollars have been generated. We have increased from seven conversations centre to 153. I was in the NDDC and we are going to be collaborating with them. The Niger Delta lays the golden egg and they should eat from it. It is a win for the people and for the government.”
Oluwagbemi further noted that the initiative would stimulate investments in Nigeria’s abundant gas market and develop sustainable gas markets locally while growing the economy and expanding the government’s revenue base.
He said the Presidential Initiative on CNG fully manifested President Tinubu’s vision of leveraging Nigeria’s gas resources, adding that Rivers State is the home of natural gas.
In his welcome address, the Managing Director of OGFZA, Jada thanked President Tinubu for bringing crucial reforms into various sectors of Nigeria’s economy, saying that: “One of His Excellency’s many reform policies, is the Presidential CNG Initiative.”
He noted that the CNG innovative was introduced by the 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 and they it will address Nigeria’s energy and economic challenges.
The OGFZA boss further noted the importance of the event, saying it is both timely and crucial.
Jada recorgnised the diligent role played by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, in advancing the president’s mandates, especially in promoting the adoption of CNG as a cleaner, efficient and more environmentally friendly energy source.”
He said the Authority has laid out a 5-year CNG adoption programme for all Oil and Gas Free Zones in Nigeria, with a goal to reduce carbon and nitrogen-oxide emissions in our Zones by 25 percent and 35 percent respectively.
Jada explained that “CNG offers about 70 percent cost-saving benefits to industries in our Free Zones, particularly in the transportation, logistics/supply chain and cargo-handling service sector of Free Zone operations compared to the traditional petroleum products like diesel and petrol.
“Furthermore, our authority has streamlined regulatory processes and simplified our licencing and operational procedures under PEBEC’s guidance to facilitate the seamless implementation of energy projects that advance sustainable energy solutions and contribute to a cleaner, greener future.”
The OGFZA boss expressed commitment of the Authority to driving and facilitating investments that align with President Tinubu’s objectives for industrial growth and economic diversification.
“In this regard, we have specifically designated two of our Free Zones at Liberty Oil and Gas Free Zone, Akwa Ibom State, and the Orashi Energy Free Zone in Imo State for gas and green energy projects, with special focus on gas processing and renewable energy resource development projects,” he stated.
Earlier in her address, the Minister of Trade and Investment, Jumoke, noted that the adoption of CNG as a viable alternative fuel aligns with the federal government’s broader energy transition strategy.
Represented by Mrs. Theresa Ogolo, Jumoke said CNG offers a cleaner, cheaper and more sustainable solution for powering vehicles, particularly in the transportation and logistics sectors that underpin our industrial activities.
Jumoke explained that: “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.
She assured Nigerians that the federal government would continue to provide enabling policies, regulatory support and investment incentives to accelerate CNG adoption, saying: “We can build a robust, sustainable transportation ecosystem that creates jobs, boosts trade; create investment opportunities and position.”
