Nigeria’s Inflation Set to Decline with the Adoption of CNG Vehicles, According to FG

According to the Nigerian government, the successful implementation of Compressed Natural Gas technology can help reduce the country’s current inflation rate, which reached 33.69% in April 2024.

During a stakeholders’ engagement meeting in Port Harcourt, Rivers State, Michael Oluwagbemi, the Programme Director of the Presidential Initiative on Compressed Natural Gas (Pi-CNG), emphasized the potential impact of adopting CNG.

Switching to CNG could lead to significant cost savings for Nigerians, with an estimated 40 to 50% reduction in petrol expenses.

Highlighting the benefits of CNG, Oluwagbemi stated, “It can help lower inflation, offer cost savings, and promote safety. CNG is a much safer alternative, being 18 times safer than petrol and diesel, as well as being more environmentally friendly.”

The adoption of CNG in one million vehicles could potentially result in savings of about $2.5 billion for Nigeria.

In a related development, President Bola Ahmed Tinubu directed all federal government ministries, departments, and agencies to acquire CNG buses.

Earlier, the government had standardized the price of Compressed Natural Gas at $1.57 per Metric Million British Thermal Unit.

The post Nigeria’s Inflation Set to Decline with the Adoption of CNG Vehicles, According to FG appeared first on NewsNow Nigeria.

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