FG Opens N5 Billion Solar Initiative for Nigerian Women, Invites Applicants
- The Nigerian government launches a N5 billion clean energy scheme through the Nigerian Consumer Credit Corporation (CreditCorp)
- The scheme is to empower Nigerian women, providing them with affordable access to solar home systems in all the local government areas in Nigeria
- The N5 billion will be disbursed under the Credit Access for Light and Mobility (CALM) Fund, an initiative of the ministry of Women's Affairs
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian government, via the Nigerian Consumer Credit Corporation (CREDITCORP), has launched a N5 billion clean energy scheme to provide affordable access to solar home systems for Nigerian women in all 774 local government areas nationwide.
CreditCorp’s managing director, Uzoma Nwagba, disclosed that the credit would be disbursed under the Credit Access for Light and Mobility (CALM) Fund.
Source: Getty Images
Solar scheme to help women power homes, businesses
Nwagba said the scheme seeks to create sustainable and inclusive funding opportunities, allowing women to power their homes and small businesses with clean and reliable power.
According to the CreditCorp boss, the initiative provides a pathway for women to earn, save, and build a verifiable credit history.
He stated that the CreditCorp mission is to enable over 35,000 civil servants to access general credit and support life-changing products such as mobility solutions and clean energy.
“We’re expanding access to digital devices, home improvements, and micro machinery. This is how consumer credit should work, unlocking everyday possibilities for better living,” he said.
N5 billion to be distributed to all LGAs
Imaan Sulaiman-Ibrahim, the minister of Women Affairs, said the scheme’s launch shows the beginning of a broader national wave, PowerHer 774, an initiative by the ministry to deliver clean energy and economic empowerment tools for three million Nigerian women in all the 774 LGs.
In November 2024, the ministry of Finance Incorporated, the Nigerian Consumer Credit Corporation (CREDICORP), and the Presidential Initiative on Compressed Natural Gas Ltd launched the CALM Fund.
The launch took place in Abuja, where the three agencies signed a Memorandum of Understanding (MoU).
FG launches CALM fund for solar energy
The Punch reported that this programme aims to offer reasonably priced credit for solar energy adoption and car conversions to compressed natural gas.
Michael Oluwagbemi, PI-CNG's Chief Executive Officer and programme coordinator, emphasised the fund's inclusion by saying that it provides chances for people who wish to convert their automobiles.
He highlighted the contribution of individual car owners to lowering transportation expenses and voiced hope about converting an extra 500,000 to a million vehicles.
He said that the CALM Fund was established to serve as a lifeline for individuals and businesses attempting to keep up with the escalating costs of energy and transportation.
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Source: Getty Images
Oluwagbemi added that Nigerians may now obtain quick finance to convert their cars to CNG, thanks to flexible financing alternatives, which will drastically lessen their reliance on pricey fuels and cut their electricity costs.
CreditCorp opens application for Nigerians to get loans
Legit.ng earlier reported that 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
Dada Olusegun, special assistant to President Bola Tinubu on social media, announced this on Monday, October 28, 2024, asking Nigerians to leverage the initiative.
Olusegun said Nigerians seeking to convert their cars or build solar systems to power their homes can apply using the link provided.
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