Fuel Subsidy Removal: Infrastructure Bank, FEMADEC To Roll Out 500 Eco-friendly Buses

In a game-changing move aimed at addressing the soaring costs of petrol and promoting a greener alternative, the Infrastructure Bank Plc has joined forces with the FEMADEC Group to roll out a fleet of 500 buses fueled by autogas, specifically Compressed Natural Gas (CNG).

This groundbreaking partnership was announced on Monday, with key figures in the deal expressing their enthusiasm for this innovative step forward.

“The initiative is a response to the pressing need for accessible and eco-conscious travel options, particularly in the face of the nationwide surge in Premium Motor Spirit prices,” said a spokesperson for the Infrastructure Bank, an establishment that has been at the forefront of infrastructure development in Nigeria since its inception in 1992.

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The joint venture, as described by the bank, is set to redefine Nigeria’s public transportation landscape by offering citizens cost-effective and sustainable travel alternatives that resonate with the country’s broader environmental goals.

“This collaboration represents a significant stride toward a more ecologically aware future for Nigeria’s transportation sector, exemplifying the shared dedication of both TIB and FEMADEC Group to sustainable progress,” the bank explained.

The partnership has garnered praise for FEMADEC Group’s previous efforts in running Compressed Natural Gas buses, a commendable feat that underscores their ongoing commitment to environmentally friendly solutions.

The group’s existing fleet of 20 CNG buses operating under LAMATA further solidifies their position as leaders within the CNG value chain.

FEMADEC’s Group Chief Executive Officer, Fola Akinnola, expressed his excitement about the partnership, stating, “This alliance is a testament to our unwavering dedication to sustainable solutions. Our collaboration with TIB further cements our position as pioneers in eco-friendly transportation.”

The plans are ambitious: 500 CNG buses are scheduled to be introduced over the next five years, with an initial batch of 50 buses slated to hit the streets within the next year. “The acceptance of this proposition by FEMADEC Group is a testament to their zeal and dedication to this alliance,” the bank affirmed.

For the Infrastructure Bank, this partnership is not just a milestone but also a reflection of its commitment to championing Nigeria’s infrastructure progress.

The bank’s alignment with the government’s net-zero and climate change agenda underscores its dedication to sustainable development.

As these eco-friendly buses begin to make their way onto the streets, the collaboration between the Infrastructure Bank and FEMADEC Group serves as a beacon of hope for a more sustainable future for Nigeria’s transportation sector.

This move not only addresses the immediate concern of high fuel prices but also lays the foundation for a greener and more efficient way of moving people around the country.