Adaobi Rhema Oguejiofor
The Infrastructure Bank (TIB) and FEMADEC Group have collaborated in order to promote the use of Compressed Natural Gas (CNG) powered buses across Nigeria.
The collaboration is aimed at producing around 500 CNG-powered buses to support the government’s commitment to cleaner and safer energy in transportation.
President Bola Ahmed Tinubu recently announced a government investment of N100 billion in order to acquire 3,000 units of 20-seater CNG-fuelled buses to be rolled out across all states and local governments in Nigeria.
FEMADEC Group already operates CNG buses and plans to introduce an additional 500 of the buses within the next five years, starting with 50 in 2024.
The target is to provide sustainable, affordable, and environmentally friendly public transportation alternatives while also supporting national sustainability goals.
According to a statement from TIB, the partnership seamlessly aligns with its sustainability objectives, echoing the bank’s resolute endorsement of the government’s net-zero and climate change agenda.
TIB said that the collaboration was necessary because of FEMADEC Group’s leadership position within the CNG value chain.
