Tinubu Attracted $1bn To Our Two Free Trade Zones – OGFZA CEO

President Bola Ahmed Tinubu’s initiative on alternative energy source has attracted over $1 billion in Direct Foreign Investments to the Oil and Gas Free Zone Authority’s Liberty OGFZ in the last 17 months, the Chief Executive Officer of OGFZA, Bamanga Jada, has said.

Jada disclosed this at a sensitisation programme on CNG infrastructural development at the Onne Oil and Gas Free Zones in Port Harcourt.

This was just as key stakeholders in the transportation, environmental and oil and gas sectors have said the Compressed Natural Gas initiative of President Tinubu is one of the major drivers of industrialization.

Speaking at the sensitisation programme on CNG infrastructural development at the Onne Oil and Gas Free Zones in Port Harcourt, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said the initiative remained one of the bold reforms of the President.

The sensitisation, tagged ‘Driving Sustainable Transportation: Accelerating CNG Adoption,’ was organised by Portland Gas in collaboration with the Oil and Gas Free Zone Authority.

Addressing the stakeholders, the minister said CNG offered a cleaner, cheaper and more sustainable solution for powering vehicles, particularly in the transportation and logistics sectors that underpinned industrial activities.

Represented by a director in the ministry, Theresa Ogolo, Oduwole, said the event marked a significant milestone in the nation’s collective effort to drive sustainable transportation and transition to cleaner and more efficient energy systems.

The minister stated, “The adoption of CNG as a viable alternative fuel aligns with the Federal Government’s broader energy transition strategy. This strategy seeks to diversify our energy mix, reduce carbon emissions, and harness the economic potential of Nigeria’s abundant natural gas reserves.

“Our presence here today, at Onne Oil and Gas Free Zone is deliberate and strategic. As a hub for innovation, investment, and industrial activity, Onne is ideally positioned to serve as a launching pad for this initiative.”

She said by developing CNG infrastructure within the zone, the government was setting the stage for widespread adoption across Nigeria and supporting a future where industries and transportation systems thrived sustainably.

Ogolo further said the Federal Government, through the Ministry of Industry, Trade and Investment is fully committed to fostering partnerships with stakeholders across the public and private sectors.

She added, “As witnessed today, the strategic collaboration between Oil and Gas Free Zones Authority and Portland Gas Limited on CNG adoption and development project is an initiative to promote the use of CNG as an alternative cleaner and cheaper energy source tailored towards contributing to the current administration’s transformative agenda.”

She said to achieve the transformative initiative; emphasis must be placed on engaging stakeholders in a robust and strategic sensitization and capacity building on CNG adoption.

She said transport operators, industrial players and end-users must be educated about the economic and environmental benefits of adopting CNG, adding that public awareness, policy alignment and coordinated implementation would ensure a seamless and inclusive transition.

She promised that the Federal Government would continue to provide enabling policies, regulatory support and investment incentives to accelerate CNG adoption.

The Programme Director/Chief Executive, Pi-CNG, Michael Oluwagbemi, appraised the impact of the initiative on the economy, describing gas as the fuel for industrialization.

He said, “Today we are changing the tide through President Bola Ahmed Tinubu.”

He added that the initiative had so far attracted $459 million.

Oluwagbemi said before the initiative, there were only seven conversion centres in five states, but that the number increased to 153 centres across 23 states.

The Managing Director of Portland Gas Limited, Folajimi Mohammed, commended President Tinubu for driving the initiative, adding that the Federal Government had demonstrated willingness to subsidise the cost.

He said, “In terms of subsidising the cost, the Federal Government has identified a few people who they have given the free kits already, so they will make sure the conversions are free of charge.

“We know that the CNG conversation is pretty expensive, but through the Ministry of Finance Incorporated, under the Credit Course Scheme, there is a fund called CALM, which is for automatic conversation, light and solar system.”

Henceforth, he said, the Onne Oil and Gas Zone would operate the conversation centre to accelerate CNG adoption for trucks and cars within the zone.

He enthused further, “The drive for conversation to CNG has been very aggressive by the present administration. The drive has been spreading very fast. As of today, we are not having issues of conversation, but refilling, which we believe that the adoption has been very high.”

On private sector partnership, he said, “Very soon, private stakeholders would be tackling the issue of refilling and is going on very well. If you qualify for that scheme they will give you the funds, almost like a form of a loan, over the time you will pay back.”

He asked the people not to be doubtful about CNG, saying that the initiative had come to stay.

He said already, Portland has opened about seven stations across Lagos, and Abuja and is currently in Onne to accelerate the process.

In his welcome address, the Managing Director/CEO of the Oil and Gas Free Zone Authority, Bamanga Jada, commended Tinubu for his bold and crucial reforms into various sectors of the economy.

Jada said, “One of His Excellency’s many reform policies, is the Presidential CNG Initiative, an innovative and far-sighted programme introduced by Mr. President as a component of his palliative intervention to provide cheaper and cleaner fuelling alternative that will significantly lower the energy cost in the country.”

Jada said the free zone authority remained committed to driving and facilitating investments that aligned with Mr President’s objectives for industrial growth and economic diversification.

He said, “In this regard, we have specifically designated two of our Free Zones at Liberty Oil and Gas Free Zone, Akwa Ibom State, and the Orashi Energy Free Zone in Imo State for gas and green energy projects, with a special focus on gas processing and renewable energy resource development projects.

“In the last 17 months under the Tinubu-led administration, OGFZA’s Liberty OGFZ has attracted FDI worth over USD$1 billion.

“More importantly, today’s event reflects the growing confidence that President Bola Tinubu’s Reform Agenda is receiving from both domestic and foreign investors alike, and showcases the diligent role that our Honourable Minister is playing in advancing Mr. President’s mandates, especially in promoting the adoption of Compressed Natural Gas as a cleaner, efficient and more environmentally friendly energy source.”

He said Nigeria is acknowledged as Africa’s largest natural gas producer, with over 209 trillion cubic feet of proven natural reserves.

He added, “In recent years, the global energy landscape has undergone tremendous change. Faced with the dual challenges of increasing energy demand and urgent environmental concerns, we must seek solutions that are both efficient and sustainable.

“CNG stands at the forefront of this endeavour. It is a cleaner, more efficient alternative to conventional fossil fuels, and today, we take a significant step toward embracing its potential.”

Source:- Punchng