Nigeria to boost compressed natural gas infrastructure
By Ibrahim Umar,
Kanempress News,
29th, September,2024
Nigeria has announced a plan to boost compressed natural gas infrastructure and cut down transportation fares by over 40 per cent.
This initiative was formalised at the signing ceremony of a Memorandum of Understanding in Abuja.
Speaking at the event, the Programme Director of the Presidential Compressed Natural Gas Initiative, Michael Oluwagbemi emphasised government’s commitment to affordable transportation amid rising fuel prices.
According to Mr Oluwagbemi, the introduction of compressed natural gas is a great alternative to the petrol problem.
He explained that under the new plan, fares for eight-passenger vehicles would be reduced from twelve thousand Naira to seven thousand Naira while fares for four-passenger vehicles would drop from thirteen thousand Naira to eight thousand Naira for trips from Abuja to Ajaokuta train station.
The program director said that the initiative would encourage the conversion of existing commercial vehicles to Compressed Natural Gas, which is sold at a discount of up to sixty per cent compared to petrol prices.
Similarly, there are also plans to distribute two thousand compressed natural gas powered tricycles to the Nigerian youths in the informal sector.
This will be done in collaboration with the Presidential Compressed Natural Gas Initiative to mark Nigeria’s 64th independence celebration.
Minister of State for Youth Development, Mr. Ayodele Olawande stated this at a press conference, held in Abuja, Nigeria’s capital.
Mr Olawande urged citizens to remain hopeful about the federal government’s Renewed Hope agenda, saying that better days lie ahead.
The minister also appealed to Nigerian youths to embrace various government initiatives, stressing that the future of the country lies in the hands of its youth.
Meanwhile, the Nigerian government has revamped the National Youth Investment Fund with an initial capital of one hundred and ten billion Naira designed to provide financial support to young entrepreneurs and start-ups.
