“Finance Minister Edun Commends Progress at JET Motor Company’s CNG Assembly Plant”

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Finance Minister and Coordinating Minister of the Economy, Mr. Olawale Edun, visited the JET Motor Company (JET) Assembly Plant in Lagos as part of his inspection of the Presidential CNG Initiative. The initiative aims to assemble Compressed Natural Gas (CNG) buses to reduce transportation costs. Located in Lagos, JET is one of the four assembly plants chosen for this project. They specialize in assembling semi-knocked down components of CNG and electric buses and tricycles.

During his visit, Edun expressed satisfaction with the progress at the assembly plant. He tested and drove the CNG buses and praised the potential benefits they will offer Nigerians. Edun emphasized that the PCNGi is focused on providing affordable mass transit solutions. He highlighted the significant cost savings of using CNG buses compared to petrol, estimating a reduction from about N55,000 to between N12-15,000 for filling a similar capacity bus.

Edun also commended JET for employing local talents in the assembly process. The chairman and founder of JET, Chidi Ajaere, led the minister on the tour, along with other key members of the JET team and officials from the PCNGi and the National Automotive Development and Design Council.

Ajaere praised President Bola Tinubu for his initiative in promoting local production of CNG vehicles and expressed confidence in the success of the PCNGi project. Established in 2018, JET aims to produce Electric Vehicles (EV) vans, pickups, and CNG/petrol buses tailored to Nigeria’s transportation needs. They plan to transition to completely knocked down components in the next three to four years.

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