CREDICORP opens applications for CALM Fund to provide Nigerians credit for CNG conversion, others 

The Nigerian Consumer Credit Corporation (CREDICORP) has opened applications for Credit Access for Light and Mobility (CALM) Fund aimed at providing consumer credit to help Nigerians access CNG conversions and solar home systems through partner financial institutions.

Special Assistant to President Bola Tinubu on Social Media, Dada Olusegun, announced this on Monday urging Nigerians to take advantage of the initiative.

According to him, Nigerians seeking credit to convert their cars or build solar systems to power their homes can apply for credit here.

The CALM Fund was launched as a partnership between the Ministry of Finance Incorporated (MoFI), the Nigerian Consumer Credit Corporation (CREDICORP), and the Presidential Initiative on Compressed Natural Gas (Pi-CNG).

The switch to CNG 

This initiative followed last week’s call by the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, urging Nigerians to embrace the CNG, which he said had come to stay.

“We are well aware that the President set up a Presidential Committee on the CNG to drive the CNG project. 

“It is left for us to inform the general public that CNG has come to stay, and we have to follow that route because CNG is safe, cheaper, and protects the environment,” said the Minister. 

He said the President also directed that most of the filling stations across the country should be converted to CNG stations with conversion kits to enable people to convert their vehicles to CNG.

“It is important to note that when you are using CNG, you save a lot of money, a litre of fuel can go for N1000, but you get CNG at N200 per litre, which saves you N800. 

“With the passion of Mr President, the push that he has given to us, we’ll try to drive the CNG programme to reach the nooks and crannies of this country. 

“We have to take advantage of the natural resources, gas, that God has endowed us with,” said Ekpo. 

• The Minister assured that gas was available in large quantities, and the only challenge was infrastructure to deliver the product to filling stations.

• However, the cost of conversion to CNG, which is put at between N1 million and N1.3 million has been hindering many Nigerians from embracing this cheaper alternative as fuel is sold for over N1,000 per liter.

What you should know 

• The Presidential Compressed Natural Gas Initiative (PCNGi) seeks to promote renewable energy for transportation following the removal of the fuel subsidy.
• Since its launch, the federal government, in collaboration with sub-national entities, has established various conversion stations across different States, facilitating the conversion of vehicles to Compressed Natural Gas (CNG) for motorists and private car owners
• For example, the PCNGi recently introduced its Transport Fare Drop Programme in Abuja, aimed at promoting CNG as a cleaner and more affordable fuel alternative while reducing transportation costs.