Nigeria’s Presidential Compressed Natural Gas (CNG) and Electric Vehicle Initiative has attracted about $2.5 billion in private investment, alongside approximately N250 billion in government funding and commitments, the Minister of Information and National Orientation, Mohammed Idris, has said.
Mr Idris said more than 120,000 vehicles had been converted under the initiative, with over 400 certified conversion centres and more than 90 refuelling stations established nationwide. Another 180 refuelling stations are in development, he said.
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He said the initiative was creating jobs and business opportunities in host communities as the federal government pursues efforts to reduce transportation costs and diversify the economy.
The CNG programme was introduced after President Bola Tinubu removed the petrol subsidy in May 2023, a decision that contributed to higher transport costs and intensified economic pressure on Nigerians. The government subsequently promoted CNG as a cheaper alternative to petrol, particularly for commercial transport operators.
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However, the cost of converting vehicles has presented a barrier for many motorists, even as they seek to reduce their fuel expenses.
The cost of converting petrol-powered vehicles to run on CNG could cost between N750,000 and N2.5 million, depending on the vehicle and engine. The upfront expense makes the transition difficult for motorists already grappling with higher operating costs.
In September, Nairametrics documented challenges facing motorists who had made the switch, including inadequate refuelling infrastructure, long queues and lost working hours.
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The minister disclosed the initiative’s investment figures during a media chat with senior editors and journalists on Monday, where he highlighted the government’s economic reforms and their impact on key indicators.
He said Nigeria’s inflation rate had fallen from about 27 per cent in January 2025 to around 15 per cent, while the country’s external reserves exceeded $54 billion in September, the highest level in almost two decades.
The economy is also projected to grow by more than 4 per cent in 2026, while Nigeria’s current account surplus rose to $12 billion in the first half of 2026, up from $8.6 billion in the corresponding period of 2025, according to the minister.
Mr Idris attributed the improvements to the government’s economic policies, saying the reforms were helping to stabilise the economy, restore confidence and create conditions for sustained growth.
“The macroeconomic numbers have turned the corner, and I would ask that we always look at what they mean beyond the headlines,” he said.
However, he acknowledged that many households continued to face cost-of-living pressures, saying the government’s priority was to ensure that improvements in economic indicators translated into better living conditions.
“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 said.
“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 said infrastructure projects were creating economic opportunities for contractors, suppliers, engineers, artisans, transporters and other businesses.
He said the government’s four Legacy Projects covered about 3,000 kilometres across the country’s six geopolitical zones, alongside hundreds of other projects in road, rail, port, power, health and education infrastructure.
He also cited a recently approved highway project worth approximately N1.5 trillion in Niger State, which he said would improve connectivity along an important agricultural and commercial corridor.
On agriculture, the minister said the government had placed food security at the centre of its economic policy, with support for mechanisation, access to inputs, irrigation and agricultural financing intended to increase domestic production, improve farmers’ incomes and reduce food costs.
Healthcare, education and jobs
The minister said the federal government had commissioned two additional cancer treatment centres, bringing the total number of commissioned centres to five, as it works towards making 10 available nationwide.
He said the investments, alongside the revitalisation of primary healthcare, were expected to expand access to treatment and strengthen the health system.
READ ALSO: Minister defends NNPC petrol discount, says its not return to subsidy
On education, Mr Idris said the Nigerian Education Loan Fund (NELFUND) had supported more than 1.6 million students, paying over N192 billion in tuition fees and N180 billion in upkeep allowances.
He said the funding provided relief for students, parents and guardians who would otherwise struggle to meet the cost of higher education.
He also said the Three Million Technical Talent programme was expanding opportunities for young Nigerians to acquire digital skills in software development, data science, cybersecurity and emerging technologies.
The minister said investments in domestic refining, solid minerals, industrial production and innovation were also part of the government’s efforts to diversify the economy and create sustainable employment.
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