Nigeria’s Presidential Compressed Natural Gas (CNG) and Electric Vehicle Initiative has attracted about $2.5 billion in personal funding, alongside roughly N250 billion in authorities funding and commitments, the Minister of Information and National Orientation, Mohammed Idris, has stated.
Mr Idris stated 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 improvement, he stated.
He stated 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 greater transport prices and intensified financial stress on Nigerians. The authorities subsequently promoted CNG as a less expensive different to petrol, significantly 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 value of changing petrol-powered vehicles to run on CNG may value between N750,000 and N2.5 million, relying on the automobile and engine. The upfront expense makes the transition tough for motorists already grappling with greater working prices.
In September, Nairametrics documented challenges going through 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 influence on key indicators.
He stated 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 virtually 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 accordance with 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 progress.
“The macroeconomic numbers have turned the corner, and I would ask that we always look at what they mean beyond the headlines,” he stated.
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 stated.
“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 stated infrastructure initiatives had been creating financial alternatives for contractors, suppliers, engineers, artisans, transporters and different companies.
He stated the federal government’s 4 Legacy Projects lined about 3,000 kilometres throughout the nation’s six geopolitical zones, alongside tons of of different initiatives in highway, rail, port, energy, well being and training infrastructure.
He additionally cited a not too long ago permitted freeway undertaking price roughly N1.5 trillion in Niger State, which he stated would enhance connectivity alongside an essential agricultural and industrial hall.
On agriculture, the minister stated the federal government had positioned meals safety on the centre of its financial coverage, with assist for mechanisation, entry to inputs, irrigation and agricultural financing supposed to extend home manufacturing, enhance farmers’ incomes and cut back meals prices.
Healthcare, training and jobs
The minister stated the federal authorities had commissioned two further most cancers remedy centres, bringing the entire variety of commissioned centres to 5, as it really works in direction of making 10 out there nationwide.
He stated the investments, alongside the revitalisation of main healthcare, had been anticipated to broaden entry to remedy and strengthen the well being system.
READ ALSO: Minister defends NNPC petrol discount, says its not return to subsidy
On training, Mr Idris stated 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 repairs allowances.
He stated the funding supplied reduction for college kids, dad and mom and guardians who would in any other case wrestle to fulfill the price of greater training.
He additionally stated the Three Million Technical Talent programme was increasing alternatives for younger Nigerians to accumulate digital expertise in software program improvement, knowledge science, cybersecurity and rising applied sciences.
The minister stated investments in home refining, strong 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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