The Federal Government of Nigeria is considering financial assistance to help independent fuel marketers install Compressed Natural Gas (CNG) pumps at filling stations nationwide, following complaints about prohibitive costs from the Independent Petroleum Marketers Association of Nigeria (IPMAN).
This development comes in response to the presidential directive promoting CNG as part of broader measures to mitigate the impacts of fuel subsidy removal. President Bola Tinubu ended the fuel subsidy in May 2023, causing a spike in fuel costs, and promised to introduce CNG-powered mass transit solutions.
IPMAN members have expressed difficulty in financing the installation of CNG pumps due to high costs and unattractive bank interest rates. Public Relations Officer of IPMAN, Chinedu Ukadike, emphasized the need for governmental support and proposed the establishment of an ‘energy bank’ to provide accessible loans for marketers.
“Compressed Natural Gas is a welcome development,” Ukadike said, noting that while banks have shown interest in funding, high commercial interest rates are a significant barrier. He called for a microfinance or specialized energy bank to help marketers obtain loans without exorbitant charges.
The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has mandated oil marketing companies to install CNG pumps. The CEO of NMDPRA, Farouk Ahmed, described the CNG initiative as a revolutionary step to reduce the economic burden of petrol consumption.
Michael Oluwagbemi, CEO of the Presidential Compressed Natural Gas Initiative, confirmed that the government is exploring ways to assist marketers with funding. He mentioned that existing government intervention funds, such as the Nigerian downstream and midstream gas infrastructure fund and the Nigerian content fund, could be utilized to support the installation of CNG pumps.
Oluwagbemi expressed confidence in the financial viability of the CNG initiative, noting that the return on investment for gas is higher than that for petrol, gasoline, and diesel. He suggested that even with commercial loans, marketers could achieve a breakeven within 18 to 24 months.
“We are confident that they can finance it if they approach their existing financing structure. Even if the government provides support, it might be stimulative or catalytic, but the business can pay for itself,” Oluwagbemi added.
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