The Federal Government of Nigeria has launched a Credit Scheme worth N2.5 Billion to encourage the conversion of vehicles to the use of Compressed Natural Gas (CNG) and the manufacturing of kits.
According to a statement by the Presidential Compressed Natural Gas Initiative (PCNGi), the credit scheme is tagged Credit Access for Light and Mobility (CALM).
It was stated that the initiative is aimed at easing energy and transportation costs in Nigeria.
“The Federal Government has introduced a N2.5 billion Credit Access for Light and Mobility (CALM) initiative to alleviate financial pressures on Nigerians amid rising energy and transportation costs,” the statement read.
The initiative is said to be driven by a collaboration involving the Ministry of Finance, Credicorp, and the Presidential Compressed Natural Gas Initiative (PCNGi).
“Spearheaded by the Ministry of Finance Incorporated (MoFI), Credicorp, and the Presidential Compressed Natural Gas Initiative (PCNGi), the program aims to provide affordable credit options for Nigerians to adopt Compressed Natural Gas (CNG) solutions.”
Speaking at the launch of the initiative, the Program Director and CEO of PCNGi, Michael Oluwagbemi, emphasized the scheme’s potential to drive local investment.
“This kind of initiative has the potential to attract the necessary investments for domestic production of CNG conversion kits, fostering self-reliance and economic growth.
“We have another program which down the road also being coordinated on domestic manufacturing capacity for the CNG sector. I can assure you that this program will not just deliver consumer credit to Nigerians, but we also encourage these products to be made in Nigeria and will drive job creation as well as lower energy for all Nigerians.”
This is part of the various initiatives of the current administration to boost gas mobility and also demonstrate its commitment to sustainable energy solutions and financial relief for citizens.
