Finance Minister and Coordinating Minister of the Economy Olawale Edun has visited the JET Motor Company Assembly Plant in Lagos State, where Compressed Natural Gas buses are being assembled under the Presidential CNG Initiative.
JET is one of the four assembly plants picked by the PCNGi to assemble semi-knocked-down components of climate-friendly CNG and electric buses and tricycles, expected to be rolled out soon to slash transportation costs.
JET, according to the Federal Government, also has the capacity to convert petrol buses to CNG
After going round the assembly plant on Friday, May 10, Edun expressed satisfaction about the progress of work at the assembly.
The minister, according to a statement issued on Saturday by the Senior Special Assistant to President Bola Tinubu Media and Publicity Temitope Ajayi, said though the PCNGi has taken time to be actualised, the benefits will soon be available to Nigerians.
Presidency: 5,500 CNG vehicles, 100 Electric buses set for rollout
“I have come to see the CNG buses that Nigerians are asking about. I have seen them. I have tested them and driven them. I have seen them being assembled. The benefits will soon be available to Nigerians,” Edun said.
He said the PCNGi is about mass transit that is affordable.
The minister added: “Two critical aims will be achieved. Whereas it costs about N55,000 to fill a 15-20 seater buses with petrol, it will cost between N12-15,000 to fill a CNG bus of the same capacity.
“This is three times, if not four times less. This is a huge savings that will help reduce transport costs and at the same time, help reduce inflation.”
The chairman and founder of JET, Chidi Ajaere, took the minister round during the visit.
Others at the event were the CEO of JET motor company, Engr Derek Ewelukw, and other members of the JET team, including Sanjay Rupani of the Technical development department and the plant manager, Ebimo Ofongo.
Others included omotive Development and Design Council, Joseph Osanipin.
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