The Nigerian National Petroleum Company Ltd (NNPCL) has announced that it recently commissioned 12 new Compressed Natural Gas (CNG) stations.
The NNPCL made this announcement in a statement on its X handle on Thursday, accompanying the post with a video of one of the CNG stations.
“Join us to celebrate the commissioning of 12 new Compressed Natural Gas (CNG) stations across Abuja and Lagos, as we drive towards a greener and more sustainable energy future,” the statement read.
The Federal Government in March set 2027 as the year when at least one million vehicles in Nigeria will run on CNG.
The Project Director for the Presidential Compressed Natural Gas Initiative (PCNGI), Michael Oluwagbemi, disclosed this as the target set by President Bola Tinubu.
Meanwhile, NNPCL earlier this week called for the establishment of more local institutions in Nigeria and Africa with the capacity to provide funding for energy projects to tackle energy poverty.
The Chief Financial Officer of NNPCL, Mr. Umar Ajiya, made the call at the ongoing 23rd Nigeria Oil Gas Conference and Exhibition (NOG Energy Week) in Abuja on Wednesday.
Speaking at a panel session themed, “Accelerating Investment, Enabling Industry Growth, Meeting Energy Demand,” the CFO argued that in the face of reluctance by global financial institutions to finance oil and gas projects due to environmental concerns, there is a need for the development of more institutions like Afreximbank and the proposed Africa Energy Bank to finance energy infrastructure projects.
He further noted that the key to resolving the paradox of endemic energy poverty amid abundant energy resources in Nigeria is to create an enabling environment to aggressively attract investment into the energy sector.
He listed the passage of the Petroleum Industry Act (PIA) and the recent enactment of three Executive Orders in the sector by the President as practical steps by the Federal Government to provide fiscal incentives required to attract investment.
Ajiya also contended that the task of creating an investor-friendly environment was not for the government alone, stressing that citizens, right from the Immigration and Customs Officers who welcome would-be investors at entry ports to the driver who conveys them to hotels and meeting places and even the media and the judiciary, by their respective conduct, influence investors’ perception of the country.
“There’s room for everyone to ensure that investment comes back to Nigeria,” he declared.
The CFO listed Gwagwalada, Kaduna, and Kano independent power plants as some of the key energy projects in the stable of the national oil company that investors can take advantage of.
NNPCL also said it has declared a state of emergency on production in Nigeria’s oil and gas industry.
NNPCL spokesman, Olufemi Soneye, in a statement, said it is in a move towards increasing Nigeria’s crude oil production and growing its reserves.
Soneye added that the NNPCL Group Chief Executive Officer, Mr Mele Kyari, disclosed this in a keynote address at the opening ceremony of the NOG Energy Week in Abuja.
“We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production. War means war. We have the right tools,” Kyari declared.
“We know what to fight. We know what we have to do at the level of assets. We have engaged our partners. And we will work together to improve the situation.”
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