Infrastructure Bank Pledges Support For FG’s CNG Mass Transit

In a significant move aimed at fostering collaborative efforts towards advancing sustainable infrastructure development, The Infrastructure Bank (TIB) Plc recently paid a courtesy visit to the Federal Ministry of Finance to discuss key areas of collaboration between the Ministry and the bank.

The team, headed by a director in the organisation, Andrew Nweke, received by the permanent secretary of special projects at the ministry, Dr. Okokon Udo Ekanem.

Mr Nweke spoke about TIB’s commitment to supporting the federal government in mitigating the effects of fuel subsidy removal through the promotion of Compressed Natural Gas (CNG) mass Transit. According to him, the bank had dedicated funds towards financing CNG mass transit. “TIB’s proactive stance in this endeavour aligns with its broader mission of fostering sustainable infrastructure development in Nigeria,” he started.

Ag. managing director of the bank Mrs. Nkiru Chime highlighted some of TIB’s achievements in the transport sector through the move Nigeria scheme (MNS). She said the bank has played a pivotal role in facilitating economic progress and since the inception of the MNS, has disbursed about N47 billion, resulting in the distribution of over 4,500 vehicles across all geopolitical zones. The scheme has created over 10,000 employment opportunities consequently and has contributed to the GDP through the transport sector which contributes 1.35 per cent of GDP

in the second quarter of 2023.

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She said MNS has become synonymous with TIB’s commitment to transforming the nation’s transportation landscape. “By facilitating access to financing and resources, MNS has empowered numerous entrepreneurs and businesses to acquire vehicles, thereby stimulating economic activities across various sectors.

“The decision to allocate funds for the promotion of CNG Mass Transit underscores TIB’s responsiveness to the evolving energy landscape and its dedication to environmentally friendly and cost-effective transportation solutions. Compressed Natural Gas (CNG) has emerged as a cleaner and more sustainable alternative to conventional fuels, offering significant economic and environmental benefits,” she said.

The permanent secretary expressed support for TIB’s initiatives in infrastructure development. He affirmed the ministry’s commitment to collaborating closely with TIB to advance the growth and enhancement of critical infrastructure across Nigeria.

Dr Ekanem said the infusion of funds into CNG mass transit initiatives is poised to have a far-reaching impact on the nation’s transportation sector. “It will not only reduce the country’s dependence on costly fuel subsidies but will also contribute to cleaner air and more sustainable energy practices,” he said.