The Federal Government says it has committed more than 75 million dollars to the development of Compressed Natural Gas (CNG) infrastructure, an initiative in promoting cleaner energy nationwide.
The Special Adviser to President Bola Tinubu on Energy, Mrs Olu Verheijen, said this at the ongoing 18th OTl Africa Downstream Energy Week on Monday in Lagos.
The 2024 OTL conference is tagged “Alliances for Growth.”
Verheijen, who was represented by her Technical Adviser on Energy, Mrs Eriye Onagoruwa, emphasised that the investment aligns with the government’s agenda to promote sustainable energy practices and reduce carbon emissions.
Underscoring the potential for growth in the sector, she said, “Despite having an oil and gas industry that has been operational for over 80 years, Nigeria has only tapped into 4 per cent of its resources since 2016.
“The government aims to foster transparency and efficiency by introducing incentives that 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.”
She said that the initiative provides affordable and cleaner cooking options, contributing to healthier households and a greener environment.
According to her, the government believes that expanding CNG infrastructure will significantly reduce reliance on traditional fuels and support Nigeria’s commitment to global sustainability goals.
The Lagos State Governor, Mr Babajide Sanwo-Olu, represented by Commissioner for Energy, Mr Biodun Ogunleye, restated the government’s commitment to cleaner energy solutions.
He highlighted the state’s bold plans for advancing cleaner fuel alternatives and creating a supportive ecosystem for energy transition.
“Energy transition isn’t just about replacing one fuel source; it involves creating a holistic ecosystem that includes exploration, production, storage, and retailing,” Sanwo-Olu stated.
Also, the Chairman of the Advisory Board for the OTL Africa Downstream Energy Week, Mr Adetunji Oyebanji, spoke on the recent deregulation of Nigeria’s downstream sector.
He said that the deregulation remained a transformative opportunity for competition, transparency and efficiency.
Oyebanji noted that developments, such as the launch of the Dangote Refinery, would significantly influence the industry’s future.
He encouraged active participation in shaping Africa’s energy landscape and highlighted that the investment in CNG infrastructure marked a crucial step towards a sustainable energy future for Nigeria.
The 18th OTL Africa Downstream Energy Week has the theme, “Alliances for Growth
It attracted over 100 participants and 30 exhibitors from the energy sector.
NAN