By Chioma Iruke
Six companies have received N39.2bn from the Central Bank of Nigeria (CBN) to speed up the Federal Government’s Mass Auto Gas Conversion Project in the country.
The disclosure was made by the Governor of the CBN, Godwin Emefiele, at the 138 Monetary Policy Committee meeting held in Abuja.
The money is part of the N250bn intervention facility to help motivate investment in Nigeria’s gas value chain.
The apex bank governor revealed this four month after the Minister of State for Petroleum Resources, Timipre Sylva, said the government was collaborating with the regulator to ensure the availability of conversion kits and the mass conversion of vehicles that run on fuel to gas.
The Auto Gas Policy was launched by President Muhammadu Buhari on December 1, 2020, to hedge the rising cost of petrol in the country.
Emefiele said, “In furtherance of its intervention in the energy sector, the Bank has disbursed N39.20 billion to six (6) beneficiaries to improve gas-based infrastructure to support the Federal Government’s Auto-Gas Conversion Programme.”