Business
Presidential CNG set for May rollout – Onanuga
The Presidential Compressed Natural Gas Initiative (PCNGI) is set for initial rollout to the public by the end of May, a presidential aide has revealed.
Mr Bayo Onanuga, Special Adviser to the President on Information and Strategy, announced this in a statement on Sunday in Abuja.
The News Agency of Nigeria (NAN) reports that the initiative is part of the palliatives put in place by President Bola Tinubu on May 29, 2023 when the fuel subsidy was removed.
To actualise the programme, the President launched the Presidential CNG Initiative in October 2023 to deliver cheaper, safer and more climate friendly energy.
The CNG Initiative iss designed to deliver compressed natural gas, especially for mass transit.
Onanuga said it was part of the many intervention programmes to reduce the burden of increase in pump price on the masses.
He added that government had provided N100 billion (part of the N500 billion palliative budget) to purchase 5,500 CNG vehicles, 100 electric buses and more than 20,000 CNG conversion kits, alongside spurring the development of CNG refilling stations and electric charging stations.
“With necessary tax and duty waivers approved by President Tinubu in December 2023, the PCNGI committee is partnering with the private sector to deliver the promise on the initiative.
The private sector has responded with more than $50 million in actual investments in refuelling stations, conversion centres, and mother stations.
“Also, a safety policy document on 80 standards and regulations that must be strictly adhered to by operators has been developed and approved to ensure CNG conversions are done safely and reliably,” he said.
Onanuga said that the deployment of CNG buses and tricycles and the vision to get at least one million natural gas propelled vehicles on the roads by 2027 would mark a major energy transition in the country’s transportation industry.
He said that the use of more expensive diesel and petrol would gradually be phased out, when many vehicles, including trucks, run on natural gas, adding that 30 of the 36 states had the gas in abundance.
“Remarkably, the Tinubu administration, in driving the nation to the desired destination, has flagged open a new industry, along with thousands of new jobs.
“Four plants owned by JET, Mikano, Mojo, and Brilliant EV located in various parts of the country are involved in the assembly of the Semi Knocked Down (SKD) components of the CNG buses.
“JET, which has received the SKD parts, is coupling the buses in Lagos and is working towards delivering 200 units before the first anniversary of the Tinubu administration.”
Onanuga said that Brilliant EV would assemble electric vehicles meant for Kano and Borno, which would not have access to CNG for now as well as in key Nigerian cities and university campuses.
“In all, over 600 buses are targeted for production in the first phase that will be accomplished this year.
“A new plant on the Lagos-Ibadan Expressway will assemble thousands of tricycles.
“The SKD parts, manufactured by the Chinese company LUOJIA in partnership with its local partner to support the consortium of local suppliers of CNG tricycles, are set for shipment to Nigeria and expected to arrive early in May.
“About 2,500 of the tricycles will be ready before May 29, 2024.”
He said that thousands of conversion kits for petrol powered buses and taxis that want to migrate to CNG are also ready with CNG cylinders.
The Presidential aide added that the Federal Government intended to provide them at subsidised rates, especially to commercial vehicle drivers, to bring down the cost of public transportation.
Onanuga said that the PCNGI was working with 22 other agencies, including the Standards Organisation of Nigeria and Nigeria Automotive Design and Development Council, to deliver 80 Natural Gas Vehicle Conversion and Associated Appliances Standards for the country.
He added that an app MYCNG.NG to embed the Nigeria Gas Vehicle Monitoring Systems would show CNG conversion and refuelling sites in the country.
“The Tinubu administration is an enabler of the evolving CNG industry.
“In collaboration with the private sector, the PCNGI is set to deliver 100 conversion workshops and 60 refuelling sites spread across 18 states before the end of this year.
“The vision of Mr. President to deliver one million gas vehicles cannot be possible without the private sector, including the RTEAN, NARTO, NURTW, and players in the downstream sector of the transportation chain and financiers.”(NAN)
The cryptocurrency market is stabilising after a turbulent start to the week, gaining nearly $89 billion and pushing the total market cap to $2.61 trillion.
Bitcoin rebounded above $80,000, with analysts suggesting a breakout past $82,761 could lead to $85,000, supported by strong investor confidence.
In the U.S., Speaker Mike Johnson urged patience, saying, “People need to be patient in waiting to see what President Trump was planning for the economy.”
White House Press Secretary Karoline Leavitt reassured investors, stating, “The recent market volatility was a transitory period, not a trend or a long-term one.”
Earlier in the week, crypto markets saw nearly $1 billion in liquidations as Bitcoin and Ethereum hit monthly lows.
However, stability returned, and in the past 24 hours, total liquidations reached $384.4 million—$138.2 million from long positions and $246.2 million from short positions.
Despite the recovery, analysts remain cautious. While reduced geopolitical risks and trade tensions have helped, inflation data, Federal Reserve policies, and ongoing global uncertainties could still impact markets.
The coming weeks will determine whether the market sustains its gains or faces renewed volatility.
In a move to support Nigeria’s transition to renewable energy, global technology giant Huawei has collaborated with the Office of the Head of the Civil Service and the Ministry of Power to equip Nigerian civil servants with essential skills in the green energy sector.
The two-day training programme theme “Green Energy and Solar Power Training” held in Abuja, targeted Directors of Engineering Departments across various ministries and agencies, aiming to enhance their knowledge of solar energy technologies and further champion its adoption in Nigeria. Participants were trained in making informed decisions on solar product selection, system maintenance, and ensuring energy efficiency in government operations.
Speaking at the opening of the training, Minister of Power Chief Adebayo Adelabu, represented by Permanent Secretary Alhaji Mahumuda Mamman, highlighted Huawei’s critical role in advancing renewable energy solutions.
“Huawei, as a global leader in technology and innovation, has been instrumental in making solar energy more efficient, scalable, and accessible,” Adelabu stated.
“Their involvement in this programme reflects their commitment not only to technological advancement but also to the education and empowerment of Nigeria’s energy leaders.”
Adelabu expressed confidence that the training would equip participants with valuable skills that would benefit their careers and contribute to Nigeria’s goal of energy independence and sustainability.
“The success of our energy transition depends on collaboration—between government, industry, and the technology sector,” he added.
“By working together, we can develop the infrastructure, policies, and human capital needed to accelerate Nigeria’s shift to a green energy economy.”
In his welcome remarks,Huawei Board Director Jim Zhang underscored the company’s longstanding presence in Nigeria, emphasising its contributions to the country’s digital and energy sectors.
“A lot of people know Huawei for our equipment, headsets, and laptops. However, we also provide digital power solutions, smart photovoltaic (PV) systems, and energy storage solutions (ESS) in Nigeria,” Zhang said.
He noted that Huawei has been in Nigeria for 26 years, operating two headquarters in Lagos and Abuja, alongside a training centre, an operations centre, and an innovation hub.
“We have already supplied nearly 100 megawatts of power through our smart PV and ESS systems in Nigeria,” Zhang revealed.
“We also collaborate with several universities, offering training programmes for students and professionals.”
Zhang reaffirmed Huawei’s commitment to working closely with the Nigerian government and businesses to address electricity challenges and enhance energy efficiency.
Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, represented by Permanent Secretary Dr Danjuma Usman Kalba, commended Huawei’s efforts in training civil servants. She stressed the importance of institutionalising such initiatives to ensure continuous capacity building in the public sector.
“We cannot thank Huawei enough for making itself available and organising this training,” Walson-Jack said.
“We hope this will become a continuous initiative within the civil service.”
She further emphasised the economic and environmental benefits of renewable energy, urging ministries and agencies to align their strategies with global sustainability policies.
“The world is increasingly focusing on climate change and its impact. It is essential that Nigeria aligns with global renewable energy policies,” she said.
“I encourage participants to seize this opportunity to understand solar energy systems, particularly their maintenance and practical applications.”
The 2-day training program features technical sessions tailored to enhance participants knowledge and capabilities in solar power, as well as site visits to Huawei-implemented project sites as part of the effort to equip participants with practical knowledge and drive the nation towards a sustainable and energy-efficient future.
By Abubakar Yunusa
Oil marketers have cried out about the negative impacts of unstable prices of Premium Motor Spirit or petrol in the country on their businesses.
President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gilly-Harris raised concern during Channels Television’s Business Morning on Tuesday.
According to him, fluctuating petrol prices in the last few weeks are constituting potential threats to the survival of businesses of its members.
Gilly-Harris’ concern comes on the heels of ongoign price war between the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).
Following the announcement of a price cut by the Dangote Refinery by N65 at the ex-depot price, the retail price at filling stations affiliated with Dangote dropped from N925-N930 to N860.
No sooner after, the NNPCL also reduced its price at its retail stations, further deepening rivalry between the two dominant players.
Billy-Harris said “In our consistently weekly reviews, we discovered that the size of loss, and the possibility of most of us getting out of business is glaring at us in the face. Because in today’s Nigeria, we have collaborative efforts being made between all the stakeholders, and we reach out to one another to know how the businesses are doing.
“As much as we are making efforts to make sure that Nigerians have product affordability from our end as the last mile in the industry, we also want to stay afloat and liquid.
“The challenge we have is that we buy products at a price today, and before the close of business, the price has reduced. We thought there should be a mechanism by which prices are analysed and ensure it doesn’t impact negatively on the industry.
“I have always said that every business can only survive by making some minimal profits that are commensurate to the price of paying the cost of doing business.
“We are fully aware that the international prices of crude oil and other related expenses are also being reduced. But when we invest to buy products at say N880, we are not going to sell at that price. And if such products become reduced to N840, N850, N860 or even N870 per litre, it becomes challenging how we will be able to recover our costs.”
Commenting on price monopoly in the downstream sector, Gilly-Harris said its members can either import products or buy from local refineries, however, it would not sell products at the expense of the survival of PETROAN members’ businesses.
He said “Yes, we have been in the forefront of always implementing what stakeholders agree. We have the capacity to import our products. We also have the capacity to buy locally refined products. But we see that prices consistently shift up or down, and there is no clear business consultation on how this should be done. That is why we said the NMDPRA and the consumer protection agency should swing into action and be able to work together with other stakeholders so that we can be able to have a stable market and a stable price.”