Federal Government don unveil new credit scheme wey go help Nigerians convert their vehicles to Compressed Natural Gas (CNG) and adopt solar energy solutions. This initiative, wey dem call Credit Access for Light and Mobility (CALM) Fund, go provide affordable credit for people to get CNG conversion kits and solar energy equipment.
The Ministry of Finance Incorporated, Nigerian Consumer Credit Corporation (CREDICORP), and Presidential Initiative on Compressed Natural Gas Ltd launch this fund on Wednesday in Abuja. Dem sign Memorandum of Understanding between the three agencies to kick-start the programme.
According to Michael Oluwagbemi, Programme Coordinator and CEO of PI-CNG, dis programme dey open for everybody, whether you be civil servant, worker in private sector, or entrepreneur. He say dem dey hope to convert additional 500,000 to a million vehicles, which go help reduce transportation costs.
The CALM Fund get N10 billion, and MOFI go lead the aggregation and expansion of the fund, collaborating with private and institutional investors. CREDICORP go manage the fund, contributing N2.5 billion to ensure affordable financing through Participating Financial Institutions (PFIs).
PI-CNG Ltd go facilitate vehicle conversions via authorized centres, offering discounted packages for consumers wey use CALM loans. Dr. Armstrong Takang, MD/CEO of MOFI, talk say dis fund go help Nigerians maintain their standard of living without the financial strain of upfront payments for essential services.
Nigerians wey interested in dis initiative can apply for CALM Fund loans through participating financial institutions by visiting credicorp.ng/apply. Accredited P-CNGI conversion centres also go promote dis credit option to their customers.
