Politics

Cross River govt to utilise bank financing for increased CNG conversion

Cross River State Government through the Commissioner for Transport, Mr Ekpenyong Cobham, on Friday, announced that the state government plans to utilise bank credits to boost the conversion of vehicles to Compressed Natural Gas (CNG).

During a discussion with journalists at his office, Ekpenyong revealed that the state has received 50 out of the 500 free CNG conversion kits from the Presidential CNG Initiative (PCNGi), with the remaining 450 expected shortly.

“We are determined to finalize agreements with banks to ensure that these CNG kits will be readily available, allowing people to pay in installments once the free kits are used up.

“We are also in talks with financial institutions to establish a payment plan because the average cost for certified kits ranges from N600,000 to N650,000, which is a significant expense. Our discussions will focus on creating a 36-month payment option to facilitate a smooth conversion process.

“As the commissioner for transport, my focus is not just on the technology transfer but also on the benefits this initiative brings, including lower transportation costs and an alternative energy source that can benefit the average citizen of Cross River.

He continued, “For the allocation of the 500 free kits, we will analyze statistics by local government areas, prioritising commercial and government vehicles, as well as select individuals to assess the effectiveness of the conversion. We aim to distribute the kits widely to ensure that all sectors benefit.

“We plan to establish a conversion center in Ikom and set up three main and subsidiary stations across the three senatorial districts. Additional stations will be developed based on economic activities. We need to complete the conversion center quickly to initiate the supply of prefilled cylinders.

An emergency subsidiary station will be finished in two weeks, and we have already imported mobile dispensers. We need to act promptly following the recent price increase, he said.

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