FG targets $2.5bn investment, 25,000 jobs through gas initiative in 4 years

Kunle Sanni

The Federal Government said it is targeting over 25,000 jobs and $2.5 billion worth of investment over the span of four years through the Presidential Compressed Natural Gas Initiative.

The initiative is focused on promoting the use of compressed natural gas as an alternative fuel for vehicles, which is expected to reduce greenhouse gas emissions and improve the environment.

Through this initiative, the government said it aims to create a clean energy economy and reduce the country’s dependence on foreign oil. The project is expected to have a significant impact on the economy and the environment, creating new job opportunities and encouraging sustainable development.

The Programme Director and Chief Executive of the PCNGI, Michael Oluwagbemi, disclosed this in a stakeholders’ workshop in Ibadan Oyo state on Friday.

He stressed that President Bola Ahmed Tinubu had given PCNGI the mandate to convert one million vehicles by 2027.

“The President has said we need to convert one million vehicles by 2027. We need 1,000 conversion shops and over 3,000 filing stations just like this. You can imagine the level of investment required for this.

“To sustain one million vehicle conversions by 2027, we need 25,000 technicians. So, the job creation potential is an opportunity for job creation in addition to our gross domestic product, $2.5 billion worth of investment to be mobilised in the next four years and, of course, more than $25 billion added to our GDP.”

Recall that President Tinubu approved the Presidential Compressed Natural Gas initiative to achieve 11,500 new CNG-enabled vehicles and 55,000 CNG conversion kits for existing vehicles that depend on Premium Motor Spirit.