The partnership will see them commence an initial batch of
50 buses in the forthcoming year- a proposal which stands poised to promote a
sustainable transportation system in the country, especially in the face of the
recent subsidy removal.
According to the Infrastructure Bank, the partnership
seamlessly aligns with its sustainability objectives and echoes the relentless
endorsement of the government’s net-zero and climate change agenda.
It equally represents a significant stride towards a more
ecologically aware future for Nigeria’s transportation sector and highlights
the shared commitment of both partners to sustainable advancement and progress.
It also signifies a notable achievement in Nigeria’s quest
for cleaner energy alternatives.
“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.
“FEMADEC Group’s strides 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.
“Their leadership within the CNG value chain is undeniable,
and the new alliance with TIB underscores their foresight,” notes the Bank,
which has the mandate to foster the rapid development of infrastructure across
the country.
The Bank’s aspiration to champion Nigeria’s infrastructure
progress is evident in its endorsement of pivotal initiatives like this,
yielding expansive positive impacts on the environment and society.
According to the Bank, the acceptance of the proposition by
FEMADEC Group, championed by Fola Akinnola, the Group CEO, is a testament to
their zeal and dedication to the alliance.
The endeavour 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, the Bank stated.
With a resolute mission to nurture economic growth and
enrich the quality of life, the Bank assured of its commitment to
transformative undertakings which serve as a beacon for the industry, setting
an exceptional precedent.