Central Bank of Nigeria will help Federal Government guarantee Autogas conversion plan

The Federal Government is working with the Central Bank of Nigeria (CBN) to ensure full implementation of the Autogas policy, launched in December 2020, according to the Minister of State for Petroleum Resources Timipre Sylva.

He said that there was the need to have a critical mass of vehicles converted to LPG or CNG to achieve the desired impact in the country. “Now, if you have a critical mass of vehicles, may be one million converted, you must also have a commensurate amount of filling stations that are enabled to refuel the cars converted,” he explained. “So, you cannot do one aspect of it in exclusion, they must go hand in hand, if not, the whole programme will not make sense.”

“We are working right now with the Central Bank of Nigeria to ensure that we are able to bring in conversion kits for a critical mass of vehicles. And then also give soft loans at the same time to downstream operators to fix their filling stations, so that when we fit the two together, it will work,” Sylva commented.

He said that ensuring a critical mass of vehicles and filling stations will help the implementation of the policy. “The process is ongoing, with the policy already launched, and it has brought the attention to Nigerians to know that it is a policy direction now,” he added.

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9 June 2021