The Presidential Initiative on Compressed Natural Gas and Electric Vehicles (PiCNG) has attracted more than $2 billion in private-sector investment into Nigeria’s fledgling CNG industry in just two years and the government now believes the sector could draw double-digit billions by 2027.
The disclosure was made on Friday in Abuja by PiCNG Executive Chairman and CEO, Ismaeel Ahmed (represented by Chief Compliance Officer Zayyanu Tambari), during the unveiling of new CNG technologies by Alfa Design Nigeria Limited.
“When this administration launched the programme in 2023, the CNG sector was practically non-existent and attracted zero serious investment,” Ahmed said.
“Today, we have crossed the $2 billion mark in committed private capital - up from $1.8 billion just months ago, in under two years.”
He described the official $5 billion target for 2027 as “conservative,” adding that the current momentum from local and international investors could easily push the figure far higher.
The initiative is also delivering on jobs and infrastructure:
Direct employment: already over 80,000 jobs created, with a target of 300,000 by 2027
Vehicle conversion centres: grown from 7 in 2023 to 369 operational today, heading to 3,000 by 2027
CNG refuelling stations: from 20 in 2023 to more than 68 licensed stations currently, with over 150 under construction and a goal of 2,000–2,500 retail outlets nationwide by 2027
Ahmed expressed confidence that all targets would be met or exceeded, citing sustained investor appetite and President Tinubu’s continued backing of the transition from petrol to cheaper, cleaner compressed natural gas.
The rapid scale-up is seen as a cornerstone of the administration’s efforts to slash transportation costs, reduce petrol subsidy burdens, and curb emissions.
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