CNG attracts N760bn investment in 1 year — TMV

CNG attracts N760bn investment in 1 year — TMV

The Tinubu Media Volunteers (TMV) have applauded what it described as the multi-faceted impact of the Federal Government’s Compressed Natural Gas (CNG) initiative.

In a statement signed by its Chairman Chukwudi Enekwechi and Secretary Shedrach Sunday, the group acknowledged the inflow of N760 billion investment into the CNG initiative in the last one year.

“We note that with the removal of fuel subsidy at the inception of President Bola Ahmed Tinubu administration, and the attendant increase in cost of premium motor spirit (PMS), the Federal government rolled out the Compressed Natural Gas Initiative.

“This has led to cheaper cost of transportation for many Nigerians as CNG continues to take root in the country, but
more commendable is the attraction of about N760 billion in private investments into the.venture in the past one year.

“In dollars terms, the initiative has attracted about $491m investment into the country, and there are signs that more investments would flow in subsequent years.

“Additionally, the CNG Initiative has generated 84,000 direct and indirect jobs, and this is based on information provided by the PCNGI Programme Director, Michael Oluwagbemi.

“We also note that within a period of one year, CNG conversion centres have increased from seven to over 200 centres across the country with expectations of an increase to 10,000 by the end of the first quarter of 2005.

“In addition, we commend the Federal Government for providing 405 buses to ease the transportation needs of Nigerians workers based on an agreement with Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) during the wage increase negotiations.

“We want to state that this initiative is not only pragmatic, but has potential to reduce unemployment, boost the economy, and increase the mobility of Nigerians when it takes firm root.

“We, however, urge the managers to do more because of the immense benefits of the CNG-Initiative which, if harnessed well, will put smiles on the faces of Nigerians,” the statement added.

TMV also noted that it looks forward to the extension of the CNG initiative to 25 sites and 15 states in line with the pledge of the managers of the programme to ramp up its activities.(www.amatropics.com)