Nigerians to pay over N300,000 to convert petrol vehicles to CNG – FG

The Federal Government has revealed that the projected price Nigerians will pay to convert their petrol vehicles to enable them to run on Compressed Natural Gas (CNG) is between N300,000 and N600,000.

This disclosure was made by the Chief Executive Officer of the Presidential Compressed Natural Gas Initiative (P-CNGi) Steering Committee, Engr. Michael Oluwagbemi during an interview with Daily Trust.

The interview followed 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.

READ ALSO: FX scarcity, VAT responsible for rising cost of cooking gas–NLNG

Oluwagbemi also revealed that the Federal Government intends to establish 10,000 CNG conversion workshops across the country in the near future.

Furthermore, he disclosed that Nigeria would begin assembling and manufacturing CNG conversion kits in the country soon. According to Oluwagbemi, this would create employment opportunities.

“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,” he added.

Also, the CEO of P-CNGi stated that the Federal Government’s initiative of transitioning to CNG-powered vehicles is expected to attract over $2 billion in investments into the Nigerian economy.

Oluwagbemi added that the initiative had the potential to create more than 250,000 employment opportunities for various professionals across the country.