The Presidential Compressed Natural Gas Initiative (PCNGI) has disclosed that it has generated about $459 million under the President Bola Tinubu-led administration in the last year.
The Programme Director of PCNGI, Michael Oluwagbemi, made the disclosure during a stakeholders’ sensitisation programme on Compressed Natural Gas (CNG) infrastructure development organised by Portland Gas Limited.
The event was held at the Oil and Gas Free Zones Authority (OGFZA) in Onne, Rivers State, on Tuesday.
Oluwagbemi stated that prior to the initiative, there were only seven conversion centres for CNG. However, with the establishment of PCNGI, the number of centres has increased to 153.
According to him, President Tinubu understands Nigerians’ reliance on fuel usage and highlighted that utilising natural gas would insulate the industry from high costs.
Meanwhile, the OGFZA revealed that in the last 17 months under the Tinubu-led administration, its Liberty Oil and Gas Free Zone has attracted Foreign Direct Investment (FDI) worth over $1 billion.
