Photo Credit: Nairametrics

The federal government has announced that Nigerians will need to pay between N300,000 and N600,000 for converting their petrol vehicles to Compressed Natural Gas (CNG).

Engr. Michael Oluwagbemi, CEO of the Presidential Compressed Natural Gas Initiative (P-CNGi) Steering Committee, disclosed this after the official commissioning of CNG conversion centers in Lagos. He revealed plans to establish 10,000 CNG vehicle conversion workshops across the country and,  aims for local assembly of CNG conversion kits to boost employment opportunities.

The government is offering discounts and considering flexible payment options to ease the immediate conversion cost, aiming to attract over $2 billion in investments and create 250,000 jobs.

The Chief Executive Officer of Femadec Limited, Fola Akinola, expressed his anticipation for financing structures from banks through the federal government in addition to P-CNGi’s intervention to support the initiative.

Credit: Nairametrics