The Presidential Compressed Natural Gas Initiative (PCNGI) is planning to attract $1 billion in investments into Nigeria’s alternative fuel sector by December, 2025.
The initiative’s Project Director and Chief Executive Officer, Engr. Michael Oluwagbemi, who made this known yesterday while speaking with newsmen at the State House, Abuja, expressed confidence that the ambitious investment target is achievable, citing recent progress in the sector.
He said: “We’ve set a goal of about $1 billion of investment for ourselves this year. I think we have made appreciable progress towards achieving that.
“If I just take the 100 additional NNPC investments in daughter stations, that’s close to $50 million, and the $27 million arrested, we’re already close to $100 million in the last one month alone.”
According to him, the continued growth in investment inflows could see the initiative surpass its target, saying, “so if I’m doing about $100 million a month, I think I will be close to $1.2 billion by the end of the year. (Thisday)