CNG Statement of the Week – Mr. Wale Edun, Nigeria’s Finance Minister

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• Author: Muyiwa Ige(LPG Stakeholder and Consultant)

Niglpgas.com’s CNG Statement of the week is credited to Mr. Wale Edun, Nigeria’s Minister of Finance, who also doubles as the Coordinating Minster of the National Economy.

He made the remarks during the unveiling of the 2023 Nigerian Banking Sector Report by Afrinvest, which took place in Lagos on Wednesday.

The title of the incisive report was  ‘Getting Nigeria To Work Again!’

 Mr. Wale Edun  was ably represented by the Managing Director of the Ministry Of Finance Incorporated, Dr Armstrong Takang, at the colorful event.

 “I don’t know if any of you have been watching the campaign on the substitution of PMS for CNG. It is an early step that we are taking. When you look at the price of CNG versus PMS, it ranges from half of it and sometimes it comes down to a quarter of what it costs to run on fuel.

“We believe that given that we are a gas nation and gas is cleaner than PMS, if we aggressively move in that direction, it can have a significant impact on the cost of not only fuelling our vehicles, mass transit as well as even factories that run on fuel and diesel. We are taking steps in that direction. You will be seeing some announcements in due course in terms of steps that are being taken to trigger a demand in that value chain.  There is a lot of investment that has to be done in terms of conversion kits, refueling stations, and in terms of midstream in terms of transportation of infrastructure and upstream. A lot of investment needs to go into that. We believe that it provides an opportunity for the private sector to partner.”