According to him, Pi-CNG plans to increase the number of conversion centres to 1,000 more to meet the increasing needs of CNG stakeholders.
He said: “The goal of increasing the number of conversion centres is to facilitate converting petrol cars to compressed natural gas (CNG) vehicles, creating a robust market for CNG stations.
“The conversion cost, including kits and services, is approximately ₦1 million per vehicle. With a target of converting five million vehicles, this represents a ₦5 trillion market opportunity.”
He also said: “We are planning to establish a CNG manufacturing hub in Ajaokuta, Kogi State, where 10 hectares of land have already been secured. Five key components of the kits, such as flexible pipes, filters, and valves, can be manufactured locally.
“Even the Electronic Control Unit (ECU) can be developed through reverse engineering. We are already in discussions to make this a reality.”
Oluwagbemi called on the Nigerian Content Development and Monitoring Board (NCDMB) to collaborate on the development of the Ajaokuta CNG hub under the Nigeria Oil and Gas Park Scheme (NOGaPS).
He said plans for assembly plants dedicated to producing fully CNG-powered vehicles and outlined Pi-CNG’s commitment to converting 500,000 commercial vehicles.
