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PCNGi: FG Proposes 1m Gas-powered Vehicles by 2027 – Project Director

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The Presidential Compressed Natural Gas Initiative (PCNGi) says the Federal Government plans to put one million gas-powered vehicles on the road by 2027.

PCNGi’s Chief Executive Officer and Project Director, Mr Michael Oluwagbemi, made this known in a statement on Friday, after hosting the first-ever Compressed Natural Gas Stakeholders and Investors’ forum.

Oluwagbemi, who spoke on “A Comprehensive Overview of Nigeria’s CNG Ecosystem”, highlighted specific milestones among the bold vision and objectives of the CNG initiative.

“The Federal Government’s ambitious plan to put one million gas-powered vehicles on the road by 2027 means an average annual rate of 250,000 vehicle conversions per year.

“Other plans include the establishment of 40,000 auto gas conversion workshops and the creation of 750,000 jobs by 2027, across the emerging CNG value chain,” he said.

He said that the forum reinforced Nigeria’s suitability and commitment to transiting to a more efficient and sustainable gas-powered economy.

According to him, the high-power forum with the theme “Nigeria’s CNG Revolution: Harnessing Opportunities for a Sustainable Future”, featured presentations, panel discussions, exhibition and networking, among the attendees.

He said that the participants comprised key figures, critical stakeholders, indigenous and international experts in both public and private sectors, spanning across the energy, transportation, finance, and environment value chain.

“The occasion, among others, enabled stakeholders and investors the opportunity to assess the potentials of Nigeria’s CNG industry; evaluate the government’s ongoing efforts in advancing CNG as a sustainable fuel alternative for the nation.

“It was to also examine the regulatory framework vis-à-vis international best practices; and explore the economic opportunities that abound in the sub-sector in the committed transitioning to a gas-powered mobility system in the coming years,” he said.

The PCNGi boss, who is an engineer, noted that given the characteristics of CNG and its benefits as a cheaper fuel, the strategic vision guiding the initiative was to alleviate the cost of living for Nigerians.

He said that CNG will significantly reduce the cost of transportation and ultimately improve the standard of living with a cleaner and safer fuel.

Oluwagbemi said: “In all of these, our strategic objectives are very clear: How do we reduce the cost of transportation for the common man? How do we make Nigeria’s gas work for him or her?

“How do we ensure that this gas working for Nigeria, gives Nigeria an economic advantage?”

Speaking further to the viability of the framework that was adopted by PCNGi for the implementation of the CNG initiative, Oluwagbemi stated the comprehensive approach covering the industry’s demand and supply sides.

He added: “We’re not just focusing on conversion centres but also incentivising investment on the supply side, taking an end-to-end approach.”

He mentioned specific collaborations with the Gas Aggregation Company of Nigeria (GACN) and its partners to ensure sufficiency on the upstream side.

According to Oluwagbemi, the initiative is actively engaging the organised commercial transport operators’ network to integrate six million commercial vehicles into the CNG ecosystem.

Also, Toyin Subair, another member of the PCNGi, corroborated the economic advantage of Nigeria adopting CNG as an alternative fuel and reaffirmed that the transition is for the betterment of every Nigerian and the nation as an economy.

Subair said: “The good thing about this initiative is that we don’t need to subsidise or buy imported petrol.

“We (Nigeria) have our own gas here, and the 6 million commercial vehicles (that will be converted) are ours.

“If we dive into this commercial opportunity, we’ll bring down the cost of transportation for the average Nigerians.”

On his part, Dr Armstrong Takang, CEO of the Ministry of Finance Incorporated (MOFI), and member of the PCNGi Steering Committee, emphasised the crucial aspect of training engineers to implement the programme successfully.

“A major part of this programme is to train as many engineers as possible who are qualified and certified.

“Then, monitor them in terms of their practice, specifically focusing on the safety of gas-powered vehicles.

“This commitment to training and safety will ensure a robust foundation for the expansion and sustainability of the CNG ecosystem in Nigeria,” Takang said.

Dr Mohammed El-Gawish, an International CNG Expert and one of the panelists, validated the potential and feasibility of Nigeria’s CNG initiative.

Drawing parallels with the success of a similar initiative in Egypt in just two and a half years, El-Gawish commended Nigeria’s plans and action points.

He said, “The roadmap or the action plans that are put in place are all very promising.”

Meanwhile, addressing concerns about converting vehicles to CNG, Oluwagbemi reassured Nigerians that costs would be minimal with emphasis on affordability.

According to him, this is to underscore the government’s commitment to ensuring that the benefits of the CNG revolution are accessible to a broad spectrum of the population.

The PCNGI boss said that it would also to foster economic inclusivity and inspire a quicker and more comprehensive transition to a CNG-powered transportation landscape.

“Other highlights of the forum included a virtual and physical exhibition; panel discussions on “Navigating the CNG Ecosystem in Nigeria; The Gas Potential; from Pricing to Availability; and International Perspectives on Regulatory Best Practices,”(NAN)

Economy

Naira Ends Week Stronger Against Dollar, Gaining N11.17 

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The Naira further appreciated in the official market on Friday, trading at N1,474.

78 to the Dollar.

Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.

This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.

95 to the Dollar.

Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.

01 and a low of N1,447.50.

The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).

The reforms aimed at ensuring transparency in the foreign exchange (FX) market.

CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.

Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)

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Economy

CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed

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The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.

Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.

Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.

She said that the currency was one of the currencies to be received as export proceeds by the bankers.

“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.

“We will be working with CBN and the banks to ensure full implementation.

“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.

Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.

She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.

She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.

The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.

According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.

“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.

“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.

She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.

Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.

She said that the effort would increase foreign exchange earnings and help to capture export data for the country.

“Interactive sessions were held with several trade associations operating within some borders”.

According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.

“We will build on this,” she assured. (NAN)

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Economy

Ecobank Promotes Savings Culture, Rewards N42m to Customers

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Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to its customers.

Ms Adeola Ogunyemi, Head of Consumer Banking, Ecobank Nigeria, made this known at the grand finale of the bank’s Super Rewards ‘Millionaire Geng Promo’ on Friday in Lagos.

She said that the initiative is part of bank’s strategy to deepen financial inclusion for all classes of Nigerians and to reward customers’ loyalty.

“It is not just about winning cash prizes; it is about financial security and long-term stability,” Ogunyemi said.

Ogunyemi also noted the increasing awareness of savings amid economic challenges.

“With the fluctuating value of the Naira, we have encouraged our customers to save consistently, whether in Naira or foreign currency.

“This has led to a steady rise in deposits across the banking sector,” she said.

Ogunyemi advised Nigerians, especially the bank’s customers to ensure financial discipline.

“Many people don’t realise the importance of saving until they face emergencies. No matter how much you earn, it will never be enough if you don’t discipline yourself.

“This initiative is about showing our customers that every amount saved adds up over time,” she said.

Ogunyemi spoke further on the broader economic impact of savings, noting that it fuels long-term investments.

“A country’s economic growth is influenced by how much its citizens save. Over the last six months, we have seen tremendous growth in savings, with customers becoming more conscious of the need to save.

“Month after month, deposits have increased, which is very encouraging,” she added.

She further emphasised that savings, beyond just winning rewards, provide financial security.

Ogunyemi also addressed the evolving savings culture in Nigeria, particularly amid economic challenges.

“With the impact of foreign currency devaluation, we’ve advised customers to save in both Naira and foreign currencies.

“Across the banking industry and within Ecobank, savings deposits have consistently grown.

“We have been actively educating customers through awareness programmes, newsletters, and campaigns like Super Savers and Millionaire Geng,” she said.

She emphasised the transparency of the programme, highlighting that all draws were conducted under regulatory supervision and broadcast live.

Also, Mr Victor Yalokwu, Head of Consumer Segments and Products of the bank, emphasised the importance of consistent saving habits, highlighting how it played a crucial role in determining winners.

“It is important to note that what gave them the opportunity to win was their commitment to saving.

“We set clear criteria: customers needed to save for at least 30 days to qualify for the monthly draw, 90 days for the quarterly draw, and six months for the grand finale.

“The individuals who won two million Naira each did so because they saved consistently for six months,” Yalokwu noted.

He further encouraged customers to develop a culture of disciplined savings, noting that beyond the rewards, financial security and stability were key benefits of the habit.

“I advise our winners to spend wisely and continue saving. The goal is to build financial resilience while enjoying the benefits of the promo,” he added.

Under the reward initiative, the bank customers won a total of N42 million at the end of the grand finale.

A total of 520 customers won N50,000 monthly for six months while 16 won N500,000, quarterly, in September and December.

Similarly,  four customers; Akpofabe Akeman, Odo Chinedu, Saibu Sakiru and Eyo Ekpenyong won two million Naira each from FCT & North, Lagos, Mid-West/ South-West and South-South/ South-East, respectively. (NAN)

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