By Faridat Salifu
The Nigerian government has rolled out a N2.5 billion credit initiative to support vehicle conversions to Compressed Natural Gas (CNG) and encourage domestic production of conversion kits.
The scheme, known as Credit Access for Light and Mobility (CALM), is part of broader efforts to ease transportation and energy costs in the country.
According to the Presidential Compressed Natural Gas Initiative (PCNGi), the program is a collaborative effort involving the Ministry of Finance Incorporated (MoFI), Credicorp, and PCNGi.
Speaking at the launch, PCNGi’s CEO, Michael Oluwagbemi, highlighted the scheme’s potential to stimulate local investment in CNG technology.
“This initiative not only provides consumer credit but also fosters domestic production of CNG conversion kits, which will create jobs and drive economic growth,” Oluwagbemi stated.
He also hinted at additional programs aimed at enhancing Nigeria’s manufacturing capacity in the CNG sector.
Beyond individual credit access, the government has introduced complementary measures to promote CNG adoption.
One such effort is the “Transport Fare Drop Programme,” which involves converting public transport vehicles to CNG at no cost in partnership with the National Union of Road Transport Workers (NURTW). The initiative aims to lower transportation fares by 30–40 percent.
This credit scheme aligns with the administration’s push for sustainable energy solutions and financial relief for citizens.
Nigerians interested in accessing credit for vehicle conversions or solar energy systems are advised to apply through designated partner financial institutions.