To boost energy affordability and sustainable mobility, the federal government has launched a N2.5 billion credit scheme to support the conversion of vehicles to Compressed Natural Gas (CNG) and boost the local manufacturing of conversion kits.
The initiative, tagged Credit Access for Light and Mobility (CALM), was announced by the Presidential Compressed Natural Gas Initiative (PCNGi) as part of the administration’s efforts to ease the burden of rising energy and transportation costs on Nigerians.
“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 PCNGi statement read.
The scheme is backed by a strategic collaboration involving the Ministry of Finance Incorporated (MoFI), Credicorp, and PCNGi, aimed at providing accessible and affordable credit facilities for Nigerians to transition to cleaner and more cost-effective energy solutions.
“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,” the statement added.
Speaking at the launch, Michael Oluwagbemi, Program Director and CEO of PCNGi, emphasized the broader economic impact of the initiative, noting its potential to drive investment in local manufacturing and job creation.
“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,” Oluwagbemi stated.
He further highlighted that beyond consumer credit, the initiative is aligned with the administration’s vision of strengthening Nigeria’s domestic manufacturing capacity in the CNG sector.
“We have another program down the road that focuses on domestic manufacturing capacity for the CNG sector. I can assure you that this program will not just deliver consumer credit to Nigerians, but will also encourage these products to be made in Nigeria. It will drive job creation as well as lower energy costs for all Nigerians,” he added.
The launch of the CALM scheme aligns with the government’s commitment to boosting gas mobility, enhancing economic sustainability, and providing financial relief to citizens. By expanding access to CNG-powered transportation, the initiative is expected to reduce dependence on petrol, lower carbon emissions and ensure a cleaner, more resilient energy future for Nigeria.