presented ‘a palliative solution’ to cushion the impact of the removal of the energy subsidy.Chinedu Okonkwo, IPMAN’s national president, the association said it has an existing agreement with“This collaboration with IPMAN presents the most economic and expedient platform to deploy the necessary infrastructure to support a fast national roll-out of CNG for vehicles,” the letter reads.
“We believe that this platform will provide a cushion to Nigerians from the shock of high petrol price once subsidy is removed and significantly reduce the need for foreign exchange to import petrol.
“The Nigeria Midstream Downstream Petroleum Regulatory Authority and the Gas Aggregation Company of Nigeria set up a joint working committee to provide the permits, approvals, and natural gas feedstock as required.”The association said what is left is the support of the Central Bank of Nigeria to provide access to the gas expansion fund for “vehicle, keke, and truck owners to access loans to finance the acquisition of natural gas conversion kits”.
“We have applied to the CBN through the NIRSAL Microfinance Bank for a partnership to develop a finance scheme for qualified Nigerians to access the gas expansion facility to convert their vehicles and need the support of the federal ministry to conclude“The gas expansion fund is envisaged to support the increased utilisation of national gas in Nigeria, and access to the funds by qualified vehicle owners will support and justify IPMAN members making the required investment along the Natural Gas...
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