President Bola Ahmed Tinubu’s push for alternative energy sources has drawn over $1 billion in Foreign Direct Investments (FDI) into Nigeria’s Oil and Gas Free Zone Authority’s (OGFZA) Liberty Oil and Gas Free Zone in Akwa Ibom State within the last 17 months, according to OGFZA CEO Bamanga Jada.

At a sensitization program on compressed natural gas (CNG) development in Onne, Port Harcourt, key stakeholders hailed the initiative as pivotal for industrialization. The event, themed “Driving Sustainable Transportation: Accelerating CNG Adoption,” was organized by Portland Gas in collaboration with OGFZA.

Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, lauded the initiative as a bold reform aimed at diversifying energy sources, reducing carbon emissions, and leveraging Nigeria’s abundant natural gas reserves. Represented by Theresa Ogolo, Oduwole emphasized CNG’s potential as a cleaner, cost-effective alternative for transportation and industrial energy.

Michael Oluwagbemi, Chief Executive of Pi-CNG, highlighted significant progress, noting a rise in conversion centers from 7 in five states to 153 in 23 states. The Federal Government’s subsidized conversion kits and investment incentives are also accelerating adoption.

Portland Gas Limited Managing Director Folajimi Mohammed revealed that new CNG stations are being established in Lagos, Abuja, and Onne to meet growing demand.

The initiative aligns with Nigeria’s broader energy transition strategy, which prioritizes sustainable energy solutions and economic growth. Jada reiterated the government’s commitment to fostering private-sector partnerships to ensure widespread adoption of CNG.

Nigeria’s vast natural gas reserves, estimated at 209 trillion cubic feet, position it as Africa’s largest producer, underscoring the significance of Tinubu’s energy reforms in driving industrialization and economic diversification.