Governor Abdulrahman Abdulrazak launched the initiative in Ilorin, Kwara State, on Wednesday, May 28, according to Bayo Onanuga, the Special Advisor to the President on Information and Strategy.
He said:
“CNG buses and tricycles were also unveiled. The CNG vehicle assemblers have begun the rollout, beginning from Ilorin.
“The inauguration began today in Ilorin. It started with a conversion centre before they unveiled some CNG buses and tricycles. They have not given a date for Abuja. But the process started today.”
The Presidential Compressed Natural Gas Initiative's Chief Executive and Program Director, Michael Oluwagbemi, stated that the Nigerian CNG industry has a potential worth of over $10 billion.
On the expected growth rate, Oluwagbemi said:
“We expect a 1,000 per cent growth rate this year and YoY (year-on-year) average of 100-200 per cent growth rates in the next five years.”
In addition to generating jobs, he claimed that introducing CNG vehicles would have a special impact on food prices in Nigeria by reducing food inflation.
When asked which other economic sectors the effort might affect, he replied that lower fuel prices for transportation would limit the increase in food prices.
“Other areas including upstream activities in oil and gas will benefit from more demand and even overall job creation and supply of gas will drive industrialisation.”
