Nigerians are expected to pay between N300,000 to N600,000 to convert petrol vehicles to Compressed Natural Gas (CNG), as stated by the federal government.
During an interview with Daily Trust, the Chief Executive Officer of the Presidential Compressed Natural Gas Initiative (P-CNGi) Steering Committee, Engr. Michael Oluwagbemi made this revelation after the official commissioning of CNG conversion centres 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.
He further made mention the intention of the federal government to establish 10,000 CNG vehicle conversion workshops soon.
The cost of conversion according to his estimation, will range between N300,000 and N600,000 depending on exchange rate. Nigeria according to him aims to start manufacturing conversion kits thereby, empowering more workforce.
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.”
In addition, the initiative aims to attract over $2billion investment and over 250,000 employment opportunities accross various professions. Fola Akinola, the Chief Executive Officer of Femadec Limited, expressed his anticipation for support from other financial structures in addition to the P-CNGi’s interventin.