The Presidential Initiative on Compressed Natural Gas and Electric Vehicles has announced that it has successfully attracted more than $2 billion in private-sector investments into the country’s CNG subsector, with a target of hitting $5 billion by 2027.
Ismaeel Ahmed, the Executive Chairman/CEO of PiCNG, disclosed this information on Friday in Abuja during the unveiling of new CNG products by Alfa Design Nigeria Limited. Ahmed was represented at the event by PiCNG’s Chief Compliance Officer, Zayyanu Tambari.
Speaking about the rapid growth of the sector, Ahmed noted the low starting point: “As of 2023, when this programme started, the CNG sector was virtually non-existent. It was not really attracting any serious investment from any quarters. Today, as I speak, we have attracted over 1.8 billion dollars in investments. We have rounded up to two billion dollars of private sector investment in the CNG subsector in just two years.”
The PiCNG CEO noted that the 2027 target of $5 billion was “modest,” adding that current investor interest indicated that the country could reasonably reach “double-digit” billion-dollar figures by that time.
According to him, the sector has already created more than 80,000 direct jobs, with a projected rise to 300,000 direct jobs by 2027. He expressed confidence in meeting this goal, stating, “We are already at 80,000 direct jobs. Again, we are reasonably confident we will meet and exceed this target.”
Ahmed recalled that when President Bola Tinubu launched the CNG programme in 2023, Nigeria had only seven conversion centres. The number has since increased significantly, now standing at 369, with a targeted expansion to 3,000 centres by 2027.
Regarding the CNG refuelling infrastructure, he pointed out that the country had only 20 stations in 2023. He provided the current status and future goal: “Currently, there are over 68 licensed and over 150 under construction at various stages of being completed. The target for 2027 is around 2,000 to 2,500 retail outlets.”
The Abuja event specifically featured the unveiling of several new CNG products and technologies, including conversion kits by Mijo AutoGas, cylinders by EKC International, a mother station by CIMC ENRIC, and an Optical Gas Imaging Camera by Opgal Optronics.
