CreditCorp Opens Application Link For Nigerians to Get Loans to Convert Their Cars to CNG
- The Nigerian CreditCorp, in partnership with the Ministry of Finance Incorporated and Presidential Initiative, has launched the CALM Fund
- The initiative aims to provide Nigerians access to credit to convert their cars to compressed natural gas and solar systems to power their homes
- The initiative comes as the Nigerian government mandated petrol stations to convert to CNG with access to conversion kits
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian Consumer Credit Corporation (CreditCorp) has opened applications for the Credit Access for Light and Mobility Fund, which provides consumer credit to help Nigerians access CNG conversions and solar home systems via partner financial institutions.
Dada Olusegun, special assistant to President Bola Tinubu on social media, announced this on Monday, October 28, 2024, asking Nigerians to leverage the initiative.
Source: Getty Images
Why CreditCorp launched the CALM Fund
Olusegun said Nigerians seeking to convert their cars or build solar systems to power their homes can apply using the link provided.
According to reports, the Nigerian government launched the CALM Fund as a partnership between the Ministry of Finance Incorporated (MoFI) and the Nigerian Consumer Credit Corporation (CREDITCORP) and the Presidential Initiative on Compressed Natural Gas (Pi-CNG).
The initiative came after the Minister of State for Petroleum Resources (Gas) Ekperikpo Ekpo asked Nigerians to embrace CNG.
According to the minister, the CNG initiative has come to stay. Nigerians should spread awareness about it as a cheaper and cleaner alternative to petrol following President Tinubu's subsidy removal.
Tinubu asks Nigerians to make a choice
Ekpo said that the President also asked most filling stations nationwide to convert to CNG stations with access to conversion kits so that Nigerians could convert their vehicles to CNG.
Reports say the Ekpo assured that gas was available in large quantities, and the only challenge was infrastructure to deliver the product to filling stations.
President Tinubu had asked Nigerians to choose between buying CNG at N200 and petrol at N1,000 per litre.
The President disclosed that the CNG initiative is cheaper, cleaner, and an enduring initiative to save Nigerians during the deregulation of the downstream stream sector.
Interested Nigerians can apply using the link here.
Nigeria launches loan for CNG conversion
Legit.ng earlier reported that the Ministry of Finance Incorporated, the Nigerian Consumer Credit Corporation (CREDICORP), and the Presidential Initiative on Compressed Natural Gas Ltd have launched the Credit Access for Light and Mobility Fund.
This occurred in Abuja on Wednesday, October 17th, during the signing of a Memorandum of Understanding between the three agencies.
The Punch reported that this program aims to offer reasonably priced credit for adopting solar energy and converting cars to compressed natural gas.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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