BREAKING: FG Reveals What Nigerians Will Pay To Convert Petrol Vehicles To CNG

BREAKING: FG Reveals What Nigerians Will Pay To Convert Petrol Vehicles To CNG

The federal government has disclosed that Nigerians are expected to pay between N300,000 and N600,000 to convert their petrol vehicles to Compressed Natural Gas, CNG.

The Chief Executive Officer of the Presidential Compressed Natural Gas Initiative (P-CNGi) Steering Committee, Engr. Michael Oluwagbemi revealed this in an interview with Daily Trust after the official commissioning of CNG conversion centers and a demonstration of converted CNG vehicles in partnership with the private sector at the head office of Femadec Group, one of the partners in Lagos.

Read Also BREAKING: FG Takes Strong Action As Saudi Arabia Cancels 264 Nigerian Passengers’ Visas In Jeddah

He also stated that the FG is also planning to establish 10,000 CNG vehicle conversion workshops in the near future.

Addressing the cost of conversion, Oluwagbemi explained that it may range between N300,000 and N600,000, depending on exchange rate compatibility.

Read Also Popular Nollywood Actor John Okafor Popularly Known As Mr Ibu Is Dead?

He also mentioned that Nigeria aims to begin assembling and manufacturing CNG conversion kits, thereby creating further employment opportunities.

He added, “Currently, we are importing conversion kits, but under this initiative as a relief for Nigerians, the government is offering discounts on the immediate conversion cost and is considering flexible payment options as the committee continues to review the CNG initiative, offering more discounts and incentives.”

Furthermore, the committee disclosed that the initiative is projected to draw in over $2 billion in investments into the Nigerian economy and generate more than 250,000 employment opportunities across various professions.

Fola Akinola, the Chief Executive Officer of Femadec Limited, expressed his expectation for financial support from banks, facilitated by the federal government and supplemented by P-CNGi’s intervention, to bolster the initiative.

Never Miss Any News, Join Our WhatsApp Group With This Link Below

https://chat.whatsapp.com/FT0jj4WaAbcCNLfokOU6tD