PiCNG targets $5 billion in private sector investment by 2027, with 300,000 direct jobs expected in Nigeria’s compressed natural gas ecosystem.
The Presidential Initiative on Compressed Natural Gas (PiCNG) and Electric Vehicles (EVs) has disclosed that it has attracted over $2 billion in private sector investments into Nigeria’s compressed natural gas (CNG) subsector within just two years.
The announcement was made on Friday in Abuja during the unveiling of new CNG products by Alfa Design Nigeria Limited, including CNG conversion kits by Mijo AutoGas, CNG cylinders by EKC International, a CNG Mother Station by CIMC ENRIC, and an Optical Gas Imaging Camera by Opgal Optronics.
Private Sector Investments and Targets
Executive Chairman and CEO of PiCNG, Ismaeel Ahmed, represented by Zayyanu Tambari, Chief Compliance Officer of PiCNG, stated that when the programme launched in 2023, the CNG sector was virtually non-existent.
“Today, we have attracted over $1.8 billion in investments, rounded up to $2 billion of private sector investment in just two years,” he said, adding that the initiative is aiming for $5 billion in investments by 2027.
Ahmed described the target as modest given the strong interest from the private sector, noting that by 2027, the programme expects to reach double-digit billion-dollar investments in the CNG ecosystem.
Job Creation and Economic Impact
The PiCNG initiative has already created over 80,000 direct jobs, with indirect employment estimated at a ratio of one to four. By 2027, the programme targets 300,000 direct jobs.
“We are already at 80,000 direct jobs and are confident we will meet and exceed this target,” Ahmed stated.
Expansion of Conversion Centres and Refuelling Stations
At the launch of the programme in 2023 by President Bola Tinubu, Nigeria had only seven conversion centres and 20 CNG refuelling facilities.
Today, there are 369 conversion centres, with plans to reach 3,000 by 2027, and over 68 licensed refuelling stations with more than 150 under construction, targeting 2,000 to 2,500 retail outlets nationwide.
“The growth trajectory is geometric and we expect it to become exponential by 2027,” Ahmed said.
Government Support and Policy Direction
Last month, Vice-President Kashim Shettima called on automotive manufacturers to expand production of CNG and electric vehicles to meet Nigeria’s growing demand for clean, affordable mobility.
He emphasized that the automotive sector is a critical pillar of the Federal Government’s industrialisation strategy, highlighting policy direction under the pillars of “Gas, Green, and Growth”, with Nigeria’s abundant natural gas reserves providing a cost-effective pathway for mass transit transformation.
