FG unveils N10bn loan for CNG conversion, solar adoption

• The ministry of finance announced a partnership with some groups to launch the Credit Access for Light and Mobility Fund
• They include ministry of finance Incorporated, Nigerian Consumer Credit Corporation and the Presidential Initiative on CNG Ltd
• The program aims to provide affordable credit for the adoption of solar energy and the conversion of automobiles to compressed natural gas

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The Ministry of Finance Incorporated, the Nigerian Consumer Credit Corporation (CREDICORP), and the Presidential Initiative on Compressed Natural Gas Ltd has launched the Credit Access for Light and Mobility Fund.

Photo Credit: FG
Source: Getty Images

This took place in Abuja on Wednesday, October 17th during the signing of a Memorandum of Understanding between the three agencies.

The goal of this program is to offer reasonably priced credit for solar energy adoption and car conversions to compressed natural gas, The Punch reported.

Michael Oluwagbemi, PI-CNG's Chief Executive Officer and Program Coordinator, emphasised the fund's inclusion by saying that it provides chances for people who wish to convert their automobiles.

“Whether you are a civil servant, employed in the organised private sector with a verifiable salary, or an entrepreneur whose income can be verified by a financial institution, you can also take advantage of this initiative.”

The CALM Fund

He highlighted the contribution of individual car owners to lowering transportation expenses and voiced hope about converting an extra 500,000 to a million vehicles.

He said that the CALM Fund was established, to serve as a lifeline for individuals and businesses attempting to keep up with the escalating costs of energy and transportation.

Oluwagbemi added that Nigerians may now obtain quick finance to convert their cars to CNG thanks to flexible financing alternatives, which will drastically lessen their reliance on pricey fuels and cut their electricity costs.

In light of skyrocketing petrol prices and growing living expenses, Oluwagbemi pointed out that the CALM Fund tackles important issues by promoting the use of CNG as a more economical and sustainable fuel.

He claimed that the fund makes sustainable energy accessible without requiring upfront payments through collaborations with Participating Financial Institutions.

Oluwagbemi stated that this partnership demonstrates these organisations' shared dedication to helping Nigerians.

FG Opens Portal to Get CNG-Powered Tricycles

Legit.ng reported that the Nigerian government has launched a portal that allows youths to access compressed natural gas (CNG)-powered tricycles, popularly known as Keke.

The Minister of State for Youth Development, Ayodele Olawande, disclosed this on Monday, October 7, 2024.

Activating the portal follows the Nigerian government's launch of 2,000 CNG tricycles on October 1, 2024.

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Source: Legit.ng