By Okechukwu Nnodim
The Infrastructure Bank Plc, on Monday, announced its partnership with FEMADEC Group to introduce 500 buses powered by autogas (Compressed Natural Gas) in a bid to mitigate the high cost of Premium Motor Spirit, popularly called petrol.
Partners in the deal stated 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.
The Infrastructure Bank, formerly known as the Urban Development Bank of Nigeria Plc, was established in 1992 under Decree No. 51 of the Federal Republic of Nigeria’s 1992 Constitution, to foster the rapid development of infrastructure across the country.
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.
“Their leadership within the CNG value chain is undeniable, and the new alliance with TIB underscores their foresight.
“This partnership seamlessly aligns with TIB’s sustainability objectives, echoing their resolute endorsement of the government’s net-zero and climate change agenda.
“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 both the environment and society,” the bank stated.
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.