NGEP: Uzodimma To Host Expansion Program Workshop In Owerri

 

Gov. Uzodinma Pushes For Adoption Of CNG, LPG, LNG, As He Hosts National Gas Expansion Program Workshop In Owerri.

The Governor  of Imo State Sen Hope Uzodinma, will today Monday April 12 2021, host a workshop for the National Gas Expansion Program in Owerri the Imo state capital.

The National Gas Expansion Program (NGEP), involves the conversion of fuel-powered cars and generators from petrol to gas.

The NGEP is an initiative which to deepen the penetration of gas as a cheaper alternative to petrol for powering automobiles. 

It is also aimed at deepening domestic usage of natural gas in its various forms, and is  aligned with the Federal Government’s plan to make gas the first-choice source for cheaper and cleaner energy, and is expected to deliver at least one million vehicle conversions by the end of 2021.

Gas products to be widely pushed for adoption include;  Compressed Natural Gas (CNG), Liquefied Petroleum Gas (LPG) and Liquefied Natural Gas (LNG).

MediaOrchid recalls that, the NNPC has already initiated support of the  National Gas Expansion Program (NGEP.) 

The Corporation will establish designated NNPC retail filling stations offering free petrol-to-gas conversion services for “some cars” to enable vehicles to run on LPG or CNG. There are currently 80 locations in the country capable of fueling the vehicles, and the price of CNG is expected to cost N97 per liter.

CBN Intervention 

As part of its efforts at stimulating finance to critical sectors of the 

economy, the Central Bank of Nigeria (CBN) introduces the N250 billion intervention facility to help stimulate investment in the gas value chain.

 

Large-scale projects under the intervention will be financed under the Power and Airlines Intervention Fund (PAIF), in line with existing guidelines regulating the PAIF, while small-scale operators and retail distributors will be financed by the NIRSAL Microfinance Bank (NMFB) and / or any other 

Participating Financial Institution (PFI) under the Agribusiness/Small and Medium and Medium Enterprises Investment Scheme (AgSMEIS). 

The initiative is to be implemented in collaboration with the Ministry of Petroleum Resources (MPR).

This framework outlines the operational modalities for the intervention.

Objectives 

The objectives of the Facility include: 

1. Improved access to finance for private sector investments in the domestic gas value chain;

2. Stimulate investments in the development of infrastructure to optimize the domestic gas resources for economic development.