NIPCO supports Tinubu’s petroleum industry’s reforms
NIPCO Plc, a player in Nigeria’s petroleum sector, has endorsed President Bola Tinubu’s recent reforms aimed at revitalising the country’s oil and gas industry.
During a courtesy call at the presidential villa, Ramesh Kansagra, a senior executive at NIPCO expressed its optimism regarding the government’s commitment to full deregulation of Nigeria’s downstream sector.
“NIPCO had recognised the potential of CNG 15 years ago when the company sought approval to establish the gas infrastructure that allowed motorists to switch to gas,” Kansagra said.
He added, “Today, that vision aligns perfectly with President Tinubu’s goal of promoting gas as a transition fuel.”
Kansagra said the administration’s reforms would unlock numerous benefits to Nigeria’s economy, affirming the renewed momentum in the gas sector, which he noted had opened a new vista for motorists to adopt Compressed Natural Gas (Auto CNG) as a cleaner alternative to conventional fossil fuels.
NIPCO’s executive lauded Tinubu’s proactive policies, such as the Presidential Compressed Natural Gas Initiative (PCNGi), which has made significant strides in expanding access to auto CNG for transportation.
“The president’s push for gas as an alternative energy source reflects the global trend towards the use of cleaner fuels, and it is timely for Nigeria,” Kansagra said.
NIPCO promised to scale up investment in gas infrastructure, adding that this expansion would help more motorists and industrial users benefit from the economic and environmental advantages of running vehicles, plants and equipment on gas.
Read also: NIPCO expands footprint with 250 new outlets in one year
“For instance, NIPCO is the only single company that is constructing 100 KM 18″ gas pipeline from Lagos to Ibadan along the Lagos – Ibadan Expressway for $100 million,” Kansagra said.
The NIPCO Plc executive expressed optimism that the shift to cleaner energy sources in transportation would positively impact the economy, particularly by reducing the sector’s dependence on fossil fuels while contributing immensely to Nigeria’s environmental sustainability goals.
“NIPCO’s partnership with the PCNGi is a prime example of how a public-private partnership/collaboration can drive the development of CNG infrastructure, for the benefit of the public at large,” Kansagra said.
He equally pledged that NIPCO will continue to invest in gas infrastructure to ensure more motorists and industries benefit from gas-powered solutions.
“Motorists now have a choice to either buy petrol at N1,000 per litre or buy equivalent CNG at N230.00 per SCM,” Kansagra said.
