Connect with us

Business

Opportunities For Local Vehicles Manufacturers In Presidential Compressed Natural Gas Initiative

Published

on

The Special Adviser to the President (Media and Publicity), Ajuri Ngelale, says that the Presidential Compressed Natural Gas Initiative (PCNGI) holds immense opportunities for local vehicles manufacturers and assemblers.

The PCNGI was recently established by
President Bola Ahmed Tinubu to facilitate nationwide adoption of gas-powered vehicles.

In a statement, Ngelale said that the initiative was in furtherance of the government’s commitment to easing the impact of fuel subsidy removal on Nigerians by reducing energy costs.

“The transformative initiative is poised to revolutionise the transportation landscape in the country, targeting over 11,500 new Compressed Natural Gas (CNG) enabled vehicles and 55,000 CNG conversion kits for existing PMS-dependent vehicles, while simultaneously bolstering in-country manufacturing, local assembly and expansive job creation in line with the presidential directive”, he said.

The initiative, which comprises a comprehensive adoption strategy, will include the following: empowering workshop programmes/nationwide network of workshops, local assembly and job creation as key points of emphasis with an initial focus on mass transit systems and student hubs to significantly reduce transit costs for the general populace in the immediate term.

“In line with the PCNGI’s determination to ensure a seamless integration of CNG utility within the current midstream and downstream energy value chain to support its sustainability, the PCNGI will facilitate the provision of workshops across all geopolitical zones and states with essential kits and comprehensive training for newly employed staff, thus creating new opportunities for technical skill development and employment for Nigerians.

“The new nationwide network of workshops to be established through the initiative would ensure widespread access and demand side utilisation of CNG technology and CNG-related expertise, thereby facilitating smoother transitions for vehicle owners at the wider benefit of the Nigerian economy,” he stated.

Under the aegis of the PCNGI, the strategic objectives, which will be achieved, include the development of new stakeholder-operated intrastate mass transit systems built on CNG; support for states to onboard new CNG buses as part of their intrastate mass transit network (wholesale conversion, retro-fitting and new purchase); the deployment of CNG buses through existing private mass transit operators, including new financing programmes for operators through an innovative asset finance programme.

Others are: Incentivise investors to invest in CNG processing, distribution and utilisation by providing incentives for enhanced investment and partnership; deliver training and technology transfer to support the after-sales services and maintenance of sub-industry to create sustainable jobs.

Tinubu’s focus on assembling CNG-enabled vehicles within the country is expected to stimulate economic growth, create employment opportunities and bolster the nation’s automotive manufacturing capabilities.

“The launch of this initiative also underscores this administration’s commitment to fostering a cleaner environment by reducing carbon emissions and promoting energy security through the utilisation of domestic natural gas resources,” Ngelale said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Trump slams 14% reciprocal tariffs on Nigeria

The 14 percent tariffs imposed on Nigeria, according to Trump, is against 27 percent charged to the US by Nigeria.

Published

on

By

US President Donald Trump has slammed a 14 percent reciprocal tariff on all Nigerian goods entering the US as the much talked about “Liberation Day” tariffs comes into effect.

Trump had said that countries would face a tariff rate at half the level they charge the US, as deemed by the White House, with a minimum tariff rate of 10 percent, saying that the calculation included non-monetary trade barriers and currency manipulation.

The 14 percent tariffs imposed on Nigeria, according to Trump, is against 27 percent charged to the US by Nigeria.

The new tariffs, which affected 185 countries, has therefore, ended months of anxious wait and uncertainty, which had plummeted stocks around the US, Europe and Asian markets.

The moves today are the latest escalation of a trade war that also includes plans to impose 25 percent tariffs on all foreign-made vehicles this week.

Accordingly, Trump slammed a baseline tariff of 10 percent across all countries, while upping the duties for various partners whom he described as bad actors with country like Lesotho getting as much as 50 percent levies on their exports to America.

The tariffs will be not a full reciprocal,” he said. “I could have done that, yes, but it would have been tough for a lot of countries who didn’t want to do that.”Auto tariffs of 25 percent will go into effect tomorrow as planned.

Continue Reading

Business

Algiers-Abuja direct flights begin April 6

Published

on

The Ministry of Foreign Affairs on Wednesday, announced the launch of Air Algérie’s inaugural direct flight service from Algiers to Abuja, set to begin on April 6, 2025.

This is said to strengthen the diplomatic and economic ties between Nigeria and Algeria.

According to a statement signed by the Acting Spokesperson for the Ministry, Kimiebi Ebienfa, the new route, which is the result of the Bilateral Air Services Agreement between the two countries, will be operated by the national carrier, Air Algérie, using a Boeing 737 aircraft.

This new service is expected to boost connectivity, encourage tourism, and facilitate trade and investment between Nigeria and Algeria.

“The Ministry of Foreign Affairs is pleased to announce the commencement of Air Algerie’s inaugural direct flight service from Algiers to Abuja, scheduled for 6th April 2025.

“This historic development marks a significant milestone in the growing diplomatic and economic relations between Nigeria and Algeria.

“It is pertinent to state that it is the implementation of the Bilateral Air Services Agreement between both countries, which culminated in this successful venture,” the statement read in part.

The inaugural flight is expected to carry the Charge d’Affaires of the Nigerian Embassy in Algiers, Nigerian community leaders, and representatives from the Algerian government.

The Federal Government has extended congratulations to Air Algérie and offered its full support to ensure the success of the new service.

With affordable fares and Algeria’s proximity to Europe, the flight also offers Nigerians a convenient gateway to Europe, enhancing Nigeria’s position as a regional hub for business, tourism, and transit.

The statement added, “The Federal Government of Nigeria, through the Ministry of Foreign Affairs and relevant aviation authorities, extends its warm congratulations to Air Algerie and assures all necessary support to ensure the success and sustainability of this new service.

“We believe this initiative will further strengthen the longstanding friendship between Nigeria and Algeria, while opening new opportunities for mutual growth.

“The affordable fare structure and the proximity of Algeria to Europe would also provide Nigerians with a convenient gateway to Europe, thereby enhancing Nigeria’s position as a regional hub for business, tourism, and transit.”

The ministry encouraged citizens and businesses to take advantage of this new connectivity to explore opportunities for trade, tourism and cultural exchanges between the two nations.

Continue Reading

Business

FG borrows N13.21trn from World Bank in 20 months

The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).

Published

on

By

The World Bank has approved over N13.21 trillion ($8billion) as loans for different developmental projects for President Bola Ahmed Tinubu-led federal government in the last 20 months,

Daily Trust analyses of the various loans indicated that they were targeted at several interventions in various sectors of the economy with three fresh loans amounting to $1.1 billion approved between Friday and yesterday.

The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).

The 2025 budget of N54.99tn has a debt service component of N14.32tn and N13.64tn for recurrent expenditure.

Continue Reading

Trending