In an effort to drive the penetration of Compressed Natural Gas (CNG) buses across the country, The Infrastructure Bank (TIB) and FEMADEC Group have forged a strategic alliance aimed at catalysing sustainable transportation in Nigeria.
The partnership, according to a statement by the management of the bank, will actualise the production of about 500 CNG buses to complement the federal government’s quest for cleaner energy alternatives.
Daily Trust reports that President Bola Tinubu in a recent national broadcast announced that the federal government plans to invest N100 billion between now and March 2024 to acquire 3,000 units of 20-seater CNG-fuelled buses which would be rolled out across the 36 states and 774 local governments for mass transit at a much more affordable rate.
The statement added that “FEMADEC Group’s imprints in operating Compressed Natural Gas (CNG) buses, including the existing fleet of 20 CNG buses under LAMATA, underscore their unwavering dedication to ecologically sound solutions, a commitment predating the fuel subsidy removal and the new alliance with TIB underscores their foresight.
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“The preliminary offer extended by TIB lays a solid foundation for the expansion of FEMADEC Group’s CNG bus fleet, with plans to introduce 500 CNG buses within the next five years, commencing with an initial batch of 50 buses in the forthcoming year.”
Reacting to the development, Fola Akinnola, the Group CEO, noted that the partnership is to redefine Nigeria’s public transportation landscape, offering dependable, cost-effective and ecologically conscious travel alternatives for citizens while harmonizing with the nation’s broader sustainability ambitions.
