Nigeria’s Presidential Compressed Natural Gas (CNG) and Electric Vehicle Initiative has attracted about $2.5 billion in non-public funding, alongside roughly N250 billion in authorities funding and commitments, the Minister of Information and National Orientation, Mohammed Idris, has mentioned.
Mr Idris mentioned greater than 120,000 vehicles had been converted under the initiative, with over 400 licensed conversion centres and greater than 90 refuelling stations established nationwide. Another 180 refuelling stations are in growth, he mentioned.
He mentioned the initiative was creating jobs and enterprise alternatives in host communities because the federal authorities pursues efforts to cut back transportation prices and diversify the economic system.
The CNG programme was launched after President Bola Tinubu eliminated the petrol subsidy in May 2023, a call that contributed to larger transport prices and intensified financial strain on Nigerians. The authorities subsequently promoted CNG as a less expensive various to petrol, notably for industrial transport operators.
However, the price of changing vehicles has introduced a barrier for a lot of motorists, whilst they search to cut back their gasoline bills.
The price of changing petrol-powered vehicles to run on CNG might price between N750,000 and N2.5 million, relying on the car and engine. The upfront expense makes the transition troublesome for motorists already grappling with larger working prices.
In September, Nairametrics documented challenges dealing with motorists who had made the change, together with insufficient refuelling infrastructure, lengthy queues and misplaced working hours.
The minister disclosed the initiative’s funding figures throughout a media chat with senior editors and journalists on Monday, the place he highlighted the federal government’s financial reforms and their affect on key indicators.
He mentioned Nigeria’s inflation price had fallen from about 27 per cent in January 2025 to round 15 per cent, whereas the nation’s exterior reserves exceeded $54 billion in September, the best degree in nearly twenty years.
The economic system can be projected to develop by greater than 4 per cent in 2026, whereas Nigeria’s present account surplus rose to $12 billion within the first half of 2026, up from $8.6 billion within the corresponding interval of 2025, in response to the minister.
Mr Idris attributed the enhancements to the federal government’s financial insurance policies, saying the reforms had been serving to to stabilise the economic system, restore confidence and create situations for sustained development.
“The macroeconomic numbers have turned the corner, and I would ask that we always look at what they mean beyond the headlines,” he mentioned.
However, he acknowledged that many households continued to face cost-of-living pressures, saying the federal government’s precedence was to make sure that enhancements in financial indicators translated into higher dwelling situations.
“Our commitment is to ensure that stronger economic indicators translate into more jobs, more productive businesses, more affordable essential services and greater purchasing power for Nigerian families,” he mentioned.
“The reforms are strengthening our economic fundamentals, rebuilding confidence and creating the conditions for broader prosperity. We are determined to consolidate these gains and accelerate their impact across the country.”
Infrastructure, agriculture
Mr Idris mentioned infrastructure initiatives had been creating financial alternatives for contractors, suppliers, engineers, artisans, transporters and different companies.
He mentioned the federal government’s 4 Legacy Projects coated about 3,000 kilometres throughout the nation’s six geopolitical zones, alongside a whole bunch of different initiatives in highway, rail, port, energy, well being and schooling infrastructure.
He additionally cited a not too long ago authorized freeway challenge price roughly N1.5 trillion in Niger State, which he mentioned would enhance connectivity alongside an necessary agricultural and industrial hall.
On agriculture, the minister mentioned the federal government had positioned meals safety on the centre of its financial coverage, with help for mechanisation, entry to inputs, irrigation and agricultural financing meant to extend home manufacturing, enhance farmers’ incomes and scale back meals prices.
Healthcare, schooling and jobs
The minister mentioned the federal authorities had commissioned two extra most cancers remedy centres, bringing the overall variety of commissioned centres to 5, as it really works in direction of making 10 obtainable nationwide.
He mentioned the investments, alongside the revitalisation of main healthcare, had been anticipated to develop entry to remedy and strengthen the well being system.
READ ALSO: Minister defends NNPC petrol discount, says its not return to subsidy
On schooling, Mr Idris mentioned the Nigerian Education Loan Fund (NELFUND) had supported greater than 1.6 million college students, paying over N192 billion in tuition charges and N180 billion in maintenance allowances.
He mentioned the funding supplied reduction for college kids, mother and father and guardians who would in any other case battle to satisfy the price of larger schooling.
He additionally mentioned the Three Million Technical Talent programme was increasing alternatives for younger Nigerians to accumulate digital expertise in software program growth, information science, cybersecurity and rising applied sciences.
The minister mentioned investments in home refining, stable minerals, industrial manufacturing and innovation had been additionally a part of the federal government’s efforts to diversify the economic system and create sustainable employment.
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