Financial Energy Review
President Bola Tinubu has expressed gratitude to NIPCO Plc for investing in Nigeria’s Compressed Natural Gas (CNG) sector.
The commendation was made during a meeting between the President and NIPCO executives at the State House in Abuja.
In a statement by Bayo Onanuga, the President’s Special Adviser on Information and Strategy, Tinubu praised NIPCO for its critical role in supporting the nation’s energy transition efforts, particularly through the Presidential Compressed Natural Gas Initiative (PCNGI).
The President highlighted that NIPCO’s investment in CNG aligns with his administration’s focus on energy security and economic diversification.
He noted that NIPCO has been a key player in enhancing the adoption of CNG as an alternative fuel, which is pivotal for reducing Nigeria’s reliance on petrol and cutting down fuel costs for consumers.
He emphasised that the collaboration between the public and private sectors is essential to successfully transitioning to cleaner and more affordable energy solutions.
President Tinubu also lauded NIPCO’s support for the “Switch to CNG” campaign, which has been instrumental in raising public awareness about CNG as a viable alternative fuel. The campaign has also helped make affordable CNG conversion kits available to consumers, even before the official launch of the Presidential CNG Initiative.
He pointed out the cost-saving benefits of CNG, stating that while petrol prices remain high, Nigerians can purchase CNG for significantly less.
“Nigeria’s motorists can buy petrol at N1,000 per litre or equivalent gas per Standard Cubic Meter at N200. We have also introduced incentives for commercial motorists to convert from petrol to gas” free of cost,” President Tinubu said.
The President reaffirmed his administration’s commitment to creating a conducive environment for private sector investments and expanding the nation’s CNG infrastructure. He encouraged NIPCO to maintain its innovative approach to expanding CNG usage while supporting broader government objectives in the energy sector.
In response, NIPCO’s Director, Ramesh Kasangra, who led the delegation, thanked President Tinubu for his unwavering support of the CNG sector.
Kasangra expressed NIPCO’s commitment to furthering its partnership with the government, ensuring that Nigeria’s energy transition stays on course.
He also assured the President that NIPCO is prepared to invest in the necessary infrastructure to make CNG more accessible nationwide.
NIPCO, which has been a significant player in various sectors of Nigeria’s economy for over four decades, reaffirmed its long-term commitment to Nigeria’s development.
