The Infrastructure Bank Plc, formerly known as the Urban Development Bank of Nigeria Plc in partnership with FEMADEC Group has announced plans to introduce 500 buses powered by autogas (Compressed Natural Gas) to the country.
This development is in a bid to mitigate the high cost of Premium Motor Spirit, popularly called petrol.
The initiative was developed to offer dependable, cost-effective, and ecologically conscious travel alternatives for citizens, considering the widespread harsh effect caused by the hike in PMS prices nationwide.
In a statement issued in Abuja on its partnership with FEMADEC, the bank said, “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, this proposal stands poised to instigate significant change.
“The acceptance of this proposition by FEMADEC Group, notably championed by Fola Akinnola, the Group Chief Executive Officer, is a testament to their zeal and dedication to this alliance.”
The bank described the partnership as a “pivotal endeavour that is primed to redefine Nigeria’s public transportation landscape, offering dependable, cost-effective, and ecologically conscious travel alternatives for citizens, while harmonising with the nation’s broader sustainability ambitions.”
“This partnership represents a remarkable stride towards a more ecologically aware future for Nigeria’s transportation sector, highlighting the shared commitment of both TIB and FEMADEC Group to sustainable advancement and progress.”
It said FEMADEC Group’s strides in operating Compressed Natural Gas buses, including the existing fleet of 20 CNG buses under LAMATA, underscored their unwavering dedication to ecologically sound solutions, a commitment predating the fuel subsidy removal.
The bank further stated that as a premier financial institution dedicated to propelling impactful and sustainable infrastructure projects, it would continue to work hard in the nation’s developmental journey.
