The Federal Government has revealed that the Presidential Compressed Natural Gas (CNG) initiative has attracted $175 million in private sector investments over the past year, significantly boosting critical infrastructure.
Minister of Information and National Orientation, Mohammed Idris, disclosed the update in a statement posted on X (formerly Twitter) on Tuesday. He highlighted the progress made under the initiative, stating that Nigeria now boasts 125 CNG conversion centres, up from just seven a year ago.
Idris emphasized the cost benefits of CNG, noting its potential to reduce transportation costs by over 60%, compared to petrol and diesel. He said, “One of the biggest issues in the country currently is the high cost of transportation and commuting due to the removal of petrol subsidy. The national CNG program offers a cheaper and cleaner alternative, benefiting both the economy and the environment.”
Idris also touched on the commencement of petrol refining at the Dangote Refinery, describing it as a pivotal moment for the country. “In September, the world’s largest single-train refinery began producing petrol for the Nigerian market, transforming Nigeria’s narrative from an oil-producing country dependent on imports to one that refines its own crude.”
Additionally, the Minister confirmed that the Dangote Refinery would start paying for crude oil in naira, a move approved by President Bola Tinubu to lower the cost of locally produced petroleum products.
He further announced a series of economic measures aimed at easing living costs, including a zero-percent VAT regime on gas sales and equipment, and the removal of import duties on essential food items and pharmaceutical materials. These efforts are part of the broader Presidential Gas for Growth Initiative and other economic programs designed to improve the livelihoods of Nigerians.
In his Independence Day message, Idris encouraged Nigerians to explore the numerous opportunities provided by the government, adding, “Happy 64th Independence Anniversary to the nation and people of Nigeria!”
