The Federal Government has allocated in excess of $75 million for the advancement of Compressed Natural Gas (CNG) infrastructure to foster cleaner and more sustainable energy across the nation.
The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, made the announcement at the 18th OTL Africa Downstream Energy Week in Lagos.
The theme of the 2024 conference, “Alliances for Growth,” underscores the collaborative approach needed to drive transformation in the energy sector.
Represented by her Technical Adviser on Energy, Eriye Onagoruwa, Verheijen said the investment supports the country’s broader agenda to promote sustainable energy and reduce carbon emissions.
“Despite having an oil and gas industry that has been operational for over 80 years, Nigeria has only tapped into four per cent of its resources since 2016.
“This initiative reflects the government’s commitment to providing cleaner, affordable cooking options for households and a more sustainable environment,” he added, emphasising the need to expand CNG infrastructure as a viable alternative to traditional fuels.
Verheijen also highlighted the government’s efforts to foster transparency and encourage investment in CNG, liquefied natural gas (LNG), and electric vehicle technologies.
“These measures will not only enhance sector growth but also make energy solutions more accessible and environmentally friendly,” he said.
Lagos State Governor, Babajide Sanwo-Olu, represented by the Commissioner for Energy, Biodun Ogunleye, reiterated the state’s commitment to cleaner energy.
“Energy transition isn’t just about replacing one fuel source; it involves creating a holistic ecosystem that includes exploration, production, storage, and retailing,” he stated, pointing to Lagos’s ambitious plans to support energy transition initiatives.
Chairman of the Advisory Board for OTL Africa Downstream Energy Week, Adetunji Oyebanji, discussed the deregulation of Nigeria’s downstream industry, describing it as a revolutionary opportunity to promote efficiency, transparency, and competition.
He added that the investment in CNG infrastructure is a crucial step towards achieving a sustainable energy future, especially with significant projects such as the Dangote Refinery poised to reshape the industry.
The conference, which attracted over 100 participants and 30 exhibitors from across the energy sector, has become a critical platform for discussing innovations and partnerships necessary for Africa’s energy evolution.
