Business

Opportunities For Local Vehicles Manufacturers In Presidential Compressed Natural Gas Initiative

Published

3 years ago

August 22, 2023

363 Views

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.

Related Topics:Local Vehicles Manufacturers Natural Gas Initiative

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Tony Elumelu’s United Capital Secures approval to operate in Ethiopia

Elumeu lauded the transformational Prime Minister of Ethiopia, His Excellency @AbiyAhmedAli , for promoting economic reforms and regional cooperation, the Director General of Ethiopian Capital Market Authority @CMAEthiopia , Ms. Hana Tehelku, and the team at @UnitedCap on this landmark achievement.

Published

8 hours ago

June 9, 2026

OCHEFA

12 Views

United Capital Group has again secured regulatory approvals to commence operations in Ethiopia.

Its Chairman, Tony Elumelu, broke the news on Tuesday, via his official X.

” This development is particularly noteworthy because Ethiopia only recently opened its financial sector to foreign participation, making United Capital’s entry a historic step for both the company and the ongoing integration of African capital markets,” said Elumelu.

Last month, United Capital commenced operations in Rwanda, marking its formal entry into East Africa and reinforcing its ambition to build a leading continental financial services institution.

The Group’s newly established entities include United Capital Trustees Rwanda Limited, licensed to provide trusteeship services, and United Capital Financial Services Rwanda Limited, licensed to offer investment management services, including portfolio management, investment advisory, capital mobilisation, capital market advisory, and fund management solutions.

With this development, United Capital now operates in 11 countries, including Nigeria, with a strong presence in key African markets, a recent expansion into the eight countries within the West African Economic and Monetary Union (WAEMU) region, alongside a growing footprint in East Africa.

According to Elumelu, African institutions are increasingly leading, competing, and succeeding across the continent.

For decades, Africa witnessed foreign capital flowing in while profits largely flowed out.

That narrative is beginning to change.

This is Africapitalism in action — a vision that recognizes the importance of both indigenous and international capital working together to finance Africa’s development and unlock shared prosperity.

Business

Lagos developing world – class new business district —Sanwo-Olu

Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Published

12 hours ago

June 9, 2026

OCHEFA

19 Views

• Invest Lagos Summit 3.0: Secretary to the Lagos State Government, ‘Bimbola Salu-Hundeyin (right); Member, House of Representatives, Kafilat Ogbara; Commissioner for Innovation, Science and Technology, Tunbosun Alake; Chairman, Commonwealth Enterprise & Investment Council (CWEIC), Lord Jonathan Marland; Vice President Kashim Shettima; Governor of Lagos State, Babajide Sanwo-Olu; his Deputy, Dr. Obafemi Hamzat; Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Bada Ambrose-Medebem; Deputy Chief of Staff to the Governor, Sam Egube, Dr Toyosi Akerele-Ogunsiji and members of the State Executives Council at the opening of Invest Lagos 3.0, themed: “Lagos – The Business Gateway to Africa”, in Lagos, yesterday.

Lagos State Governor, Babajide Sanwo-Olu, has disclosed that as part of efforts to deepen access to global capital, his administration is developing the Lagos International Financial Centre (LIFC), envisioned as a world-class financial district that would strengthen the state’s position as a gateway for investment into Africa.

Speaking yesterday at the third edition of the Invest Lagos Summit, attended by Vice President Kashim Shettima, other governors, foreign investors, development finance institutions and business leaders, Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Sanwo-Olu said that the state had recorded significant economic progress in recent years through targeted reforms across transportation, digital infrastructure and industrial development.

Highlighting key infrastructure achievements, Sanwo-Olu cited investments in road networks, waterways and rail transportation, describing them as critical enablers of economic growth and investor confidence.

The governor noted that Lagos was increasingly serving as a gateway to African markets and global capital, positioning itself at the centre of continental trade under the African Continental Free Trade Area (AfCFTA).

According to him, Lagos remains one of the continent’s most strategic economic hubs, with a population exceeding 25 million and a gross domestic product steadily approaching the $300 billion mark.