The Nigerian Consumer Credit Corporation (CREDICORP) has officially opened applications for its Credit Access for Light and Mobility (CALM) Fund, a significant initiative designed to provide consumer credit that enables Nigerians to access compressed natural gas (CNG) vehicle conversions and solar home systems through partner financial institutions. This announcement was shared by Dada Olusegun, Special Assistant to President Bola Tinubu on Social Media, who encouraged Nigerians to utilize the fund to alleviate rising fuel and energy costs.
Dada Olusegun emphasized the CALM Fund’s potential to offer affordable solutions for Nigerians struggling with high fuel costs, stating, “Nigerians seeking credit to convert their cars or build solar systems to power their homes can apply for credit here.” This support is expected to aid consumers in switching to environmentally friendly and cost-effective energy sources.
The initiative builds on the government’s broader strategy for renewable energy, underscored by recent comments from the Minister of State for Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, who reinforced the government’s commitment to CNG as a sustainable option: “CNG has come to stay, and we have to follow that route because CNG is safe, cheaper, and protects the environment.” Ekpo outlined the cost-saving benefits, adding, “A litre of fuel can go for N1000, but you get CNG at N200 per litre, which saves you N800.”
Further, Minister Ekpo assured Nigerians that the government is working to overcome infrastructure challenges that currently limit CNG availability, particularly at filling stations nationwide. The government has mandated the conversion of many stations to accommodate CNG as part of the Presidential Compressed Natural Gas Initiative (PCNGi), which aims to enhance access to renewable energy for transportation and reduce the country’s dependency on costly fossil fuels.
Launched as a collaborative effort between CREDICORP, the Ministry of Finance Incorporated (MOFI), and the Presidential Initiative on Compressed Natural Gas (Pi-CNG), the CALM Fund has an initial capital of ₦10 billion, with ₦2.5 billion contributed by CREDICORP. The fund aims to provide loans at an interest rate range of 15% to 20%, with flexible repayment periods from one to three years, allowing more Nigerians to afford CNG vehicle conversions and solar installations for their homes.
The federal government is also supporting the transition through initiatives like the PCNGi Transport Fare Drop Programme, introduced recently in Abuja to promote CNG as a cleaner, cheaper alternative to traditional fuels while helping to reduce transportation costs.
For Nigerians interested in applying, the CALM Fund is accessible through designated financial institutions and CREDICORP’s website, as well as through authorized Pi-CNG conversion centers that will help facilitate the transition.
