The Federal Government has launched a new initiative aimed at providing affordable credit to help citizens convert vehicles to run on Compressed Natural Gas (CNG) and adopt solar energy solutions.
The ‘Credit Access for Light and Mobility Fund (CALM)’ was unveiled in Abuja on Wednesday through a partnership between the Ministry of Finance Incorporated (MOFI), Nigerian Consumer Credit Corporation (CREDICORP), and the Presidential Initiative on Compressed Natural Gas Ltd (PI-CNG).
Speaking at the event, Michael Oluwagbemi, CEO of PI-CNG, stressed the importance of the initiative’s inclusivity, saying, “This programme offers opportunities for individuals who want to convert their vehicles, whether you are a civil servant, employed in the private sector, or an entrepreneur with verifiable income.”
The fund is expected to help convert between 500,000 and 1 million vehicles to CNG, reducing transportation costs and dependency on petrol, which has become more expensive due to recent reforms.
Oluwagbemi highlighted that the CALM Fund is designed to ease financial pressure on households and businesses struggling with rising fuel and energy costs. Flexible financing options will be available to Nigerians, allowing them to convert their vehicles without facing upfront costs. The initiative is also expected to help reduce electricity bills through solar energy solutions.
Uzoma Nwagba, Managing Director of CREDICORP, said the fund reflects the commitment to helping Nigerians cope with rising living costs. “No Nigerian is untouched by the impact of petrol and energy price increases due to the necessary reforms. The CALM Fund will allow people to access affordable credit for essential services like vehicle conversion,” he said.
MOFI CEO Dr. Armstrong Takang acknowledged the challenges posed by recent subsidy removals but emphasized the government’s commitment to providing access to credit for essential services, ensuring that Nigerians can maintain their standard of living.
Nigerians interested in the CALM Fund can apply through participating financial institutions, with discounted vehicle conversion packages available via accredited centres.