The Nigerian Consumer Credit Corporation (CREDICORP) has opened applications for the Credit Access for Light and Mobility (CALM) Fund, which aims to provide consumer credit to help Nigerians access CNG conversions and solar home systems through partner financial institutions.

Special Assistant to President Bola Tinubu on Social Media, Dada Olusegun, announced this on Monday and urged Nigerians to take advantage of this initiative.

According to him, Nigerians seeking loans to convert their cars or install solar systems to power their homes can apply for the loan Here.

The CALM Fund was launched as a partnership between the Ministry of Finance (MoFI), the Consumer Credit Corporation of Nigeria (CREDICORP) and the Presidential Initiative on Compressed Natural Gas (Pi-CNG).

Switching to CNG

This initiative follows a call last week by the Minister of State for Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, who urged Nigerians to embrace CNG, which he said was here to stay.

“We know very well that the President has established a Presidential Committee on CNG to carry out the CNG project.

“It is up to us to announce to the public that CNG is here to stay, and we have to follow that path because CNG is safe, cheap and protects the environment,” the minister said.

He said the President also directed that most of the fuel stations across the country be converted into CNG stations with conversion kits to enable people to convert their vehicles to CNG.

“It is important to note that when you use CNG you save a lot of money, N1000 may be spent on a liter of fuel, but you get CNG for N200 per liter which saves you N800.

“With the passion of Mr. President and the power he has given us, we will try to bring the CNG program to the nooks and crannies of this country.

“We must take advantage of the natural resources, gas, that God has given us,” Ekpo said.

• The minister said gas is available in large quantities and the only challenge is the infrastructure to deliver the product to filling stations.

• However, the cost of conversion to CNG pegged at between N1 million and N1.3 million prevents many Nigerians from adopting this cheaper alternative as the fuel is sold for over N1,000 per litre.

What you need to know

• The Presidential Compressed Natural Gas Initiative (PCNGi) aims to promote renewable energy for transportation following the removal of the fuel subsidy.
• Since its inception, the federal government, in collaboration with sub-national organisations, has been facilitating the conversion of vehicles to Compressed Natural Gas (CNG) for motorists and private vehicle owners by setting up various conversion stations in different States.
• For example, PCNGi recently launched the Transportation Fare Rebate Program in Abuja, which aims to promote CNG as a cleaner and more affordable fuel alternative and reduce transportation costs.

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