President Bola Tinubu met with the executives of NIPCO on Tuesday, expressing his gratitude for the company’s significant investments in Nigeria’s Compressed Natural Gas (CNG) sector. This meeting underscored the administration's commitment to enhancing Nigeria’s energy landscape and fostering partnerships that drive sustainable development within the country’s energy sector.
During the meeting, Tinubu highlighted the importance of NIPCO’s contributions to the nation’s energy, emphasizing how such investments play a crucial role in enhancing energy security and promoting sustainable development. He noted that the ongoing support from private sector players like NIPCO is vital for achieving Nigeria's broader energy goals, particularly in transitioning towards more environmentally friendly fuel options.
President Bola Tinubu in Office at Aso Villa
He encouraged continued collaboration between the government and private sector to further advance the CNG industry, which is vital for Nigeria’s economic growth and environmental sustainability. Tinubu stressed the need for an integrated approach to energy development that involves both public and private sectors working hand in hand to promote innovative energy solutions that are both cost-effective and environmentally friendly.
The President commended NIPCO’s contributions to the nation’s energy transition efforts, particularly its support for the Presidential Compressed Natural Gas Initiative (PCNGI). He emphasized that NIPCO’s leadership in this area demonstrates a commitment to not only corporate growth but also to the national interest of fostering a cleaner energy future for Nigeria.
President Tinubu recognized NIPCO’s pivotal role in promoting the adoption of CNG as an alternative fuel, highlighting that these investments support his administration’s strategy for energy security and economic diversification. He articulated that the shift towards CNG is essential for reducing reliance on fossil fuels while simultaneously offering an affordable energy alternative for Nigerians.
He emphasised the importance of public-private partnerships in driving the transition to cleaner and more affordable energy solutions for Nigerians. The President reiterated that such partnerships are instrumental in facilitating technological advancements and expanding access to energy resources across the country, ultimately leading to improved living standards for the populace.
The President in a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, lauded NIPCO’s efforts in promoting and supporting the “Switch to CNG” campaign, which has been instrumental in boosting public awareness and providing affordable CNG conversion kits even before the official kickoff of the Presidential CNG Initiative. He recognized that these efforts have played a crucial role in educating the public about the benefits of CNG and the potential savings associated with its use as an alternative fuel source.
He highlighted the significance of this initiative in reducing the nation’s reliance on petrol and cutting down fuel costs for consumers. Tinubu pointed out that as Nigeria aims to transition to a more sustainable energy future, the benefits of CNG—being cleaner and more affordable—are critical for both the economy and the environment.
CNG, being a cleaner and more affordable fuel, reduces the carbon footprint and saves consumers significant fuel costs. In his remarks, the President illustrated the financial implications of this transition, stating, “Nigeria’s motorists can buy petrol at N1,000 per litre or equivalent gas per Standard Cubic Meter at N200. We have also introduced incentives for commercial motorists to convert from petrol to gas” free of cost.” This kind of economic incentive is designed to encourage more Nigerians to adopt CNG, thereby accelerating the shift towards a more sustainable energy landscape.
The President reaffirmed his administration’s commitment to providing a conducive environment for private sector investments and expanding Nigeria’s CNG infrastructure to enhance energy efficiency and economic growth. He asserted that a robust CNG infrastructure is essential for the success of the transition to cleaner energy and will significantly contribute to the overall energy security of the nation.
He further encouraged NIPCO to continue its innovative approach to CNG expansion while supporting the government’s broader goals in the energy sector. The collaboration between NIPCO and the government, he noted, is crucial in navigating the complexities of energy transition and in ensuring that Nigeria can meet its energy demands sustainably and affordably.
Mr Ramesh Kasangra, NIPCO director, who led the delegation, thanked President Tinubu for his steadfast support of the CNG sector. He conveyed the appreciation of NIPCO’s leadership for the President’s vision and dedication to transforming Nigeria’s energy landscape through innovative solutions.
He expressed NIPCO’s commitment to furthering the partnership with the government to ensure Nigeria’s energy transition remains on track. In his closing remarks, Kasangra assured the president that the company was ready to invest in infrastructure to make CNG more accessible nationwide, underlining NIPCO’s readiness to contribute to the country's energy goals through strategic investments and collaboration.
According to him, NIPCO has been a key player in various sectors of Nigeria for over four decades and will continue to believe in Nigeria for the long term. This statement reflects NIPCO’s commitment to long-term investment in Nigeria’s energy sector and its belief in the potential for growth and development in the country’s economy.
