A Chinese energy company, Wen Advisor, has announced its interest in investing in Nigeria’s Compressed Natural Gas (CNG) vehicle initiative, a key component of President Bola Tinubu’s energy transition project.
The company’s Managing Director, Haikuo Weng, made the announcement on Tuesday during a meeting with Nicholas Agbo Ella, the Permanent Secretary of the Federal Ministry of Petroleum Resources.
John Ameh, media aide to the permanent secretary, revealed this development in a statement issued on Wednesday in Abuja.
Weng stated that his team was in Nigeria to explore potential investment opportunities in the CNG-powered vehicle project. He emphasized the importance of determining whether local buses in Nigeria currently use Liquefied Natural Gas (LNG) or CNG to facilitate the development of CNG pump stations.
Weng pledged to introduce competitively priced CNG buses to achieve ‘Green Transportation Solutions’ in Nigeria. “To assist Nigeria in its energy transition efforts in the transportation sector, we are here to assess the potential for establishing natural gas refueling stations,” he said.
In response, Ella highlighted Nigeria’s substantial business potential for investment in CNG vehicles, noting the extensive opportunities within the natural gas industry. He added that President Tinubu’s policy on gas infrastructure development aligns with global best practices for using cleaner energy to ensure environmental sustainability.
Kamoru Busari, Director of the Upstream Department in the ministry, expressed the government’s readiness to create an enabling environment for investment.
It is worth noting that Bola Tinubu has directed all Ministries, Departments, and Agencies (MDAs) to promote the use of CNG vehicles. This directive supports Nigeria’s efforts to transition to cleaner energy, as CNG-enabled vehicles are known to produce lower emissions, thereby protecting the environment. The policy also aims to provide a more affordable energy alternative for Nigerian consumers.