FG Launches N2.5 Billion Credit Scheme To Help Fast Track The Adoption Of CNG Solutions

Federal Government launches N2.5 billion Credit Scheme (CALM) to help fast track the adoption of CNG solutions.

CALM is a flexible platform that lets Nigerians convert their vehicle to CNG and pay in convenient instalments.

PCNGi says that the initiative has the potential to attract necessary investments for domestic production of CNG conversion kits. 

CALM is spearheaded by the Ministry of Finance Incorporated, Nigerian Consumer Credit Corporation and the PCNGi.

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.

According to a statement by the Presidential Compressed Natural Gas Initiative (PCNGi), the initiative aims to provide affordable credit options for Nigerians to adopt Compressed Natural Gas (CNG) solutions.

PCNGi explains that CALM is a flexible platform that lets Nigerians convert their vehicles to use CNG (Compressed Natural Gas) and pay in convenient instalments.

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Speaking at the launch, Michael Oluwagbemi, Program Director and CEO of PCNGi, emphasized the scheme’s potential to drive local investment, saying :

“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.”

PCNGi stated that the CALM initiative underscores the Federal Government’s commitment to sustainable energy solutions and financial relief for citizens.

The Credit Access for Light and Mobility (CALM) program is spearheaded by the Ministry of Finance Incorporated (MoFI), the Nigerian Consumer Credit Corporation (CREDICORP) and the PCNGi.

In a related scheme…

Last December, CREDICORP, in partnership with the National Automotive Design and Development Council (NADDC), kicked off initial ₦20 billion Consumer Credit Fund to help Nigerians to purchase locally-assembled vehicles.

In attendance at the signing event on Thursday December 5th were Nigeria’s leading local automobile manufacturers, including Innoson, NORD, CIG MOTORS (GAC), PAN, MIKANO, Jets, NEV (electric) and DAG.

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