Business

CrediCorp introduces credit access for CNG conversion, solar systems

October 28, 2024 4:46 pm

The Nigerian Consumer Credit Corporation (CrediCorp) has launched the credit access for light and mobility (CALM) fund to help Nigerians convert vehicles to compressed natural gas (CNG) and install solar home systems.

In a statement on Monday via X, Olusegun Dada, the special assistant to the president on social media, said the programme would reduce energy and transportation costs for Nigerians by over 70 percent.

“Applications are now open for CALM Fund (Credit Access for Light and Mobility), providing consumer credit to help Nigerians access CNG Conversions and Solar Home Systems through partner financial institutions,” Dada said.

“Cut your energy and transportation costs by more than 70%.”

On its website, CrediCorp said with the CNG conversions, “you can convert your existing petrol vehicle to ride on CNG (compressed natural gas), and save 60% to 80% of the weekly expenses you make on fuel”.

“Your savings over 4 – 6 months would pay off the costs of acquiring the CNG conversion; and then the savings continue for you forever!” CrediCorp said.

“Get access to solar panels, inverters and combined systems to drop your daily costs of power consumption by up to 90%.

“The savings over 3 – 6 months can pay for the solar systems, and then you enjoy the continued savings to yourself forever afterward!”

Interested individuals can apply via http://www.credicorp.ng/calm.

On October 7, the federal government launched a portal to provide youths with access to CNG-powered tricycles.

Michael Oluwagbemi, project director and chief executive officer of the presidential CNG initiative (P-CNGi), said the project would improve the economic situation for Nigerians by reducing reliance on petrol.

The federal government also introduced a scheme allowing users to convert their petrol vehicles to CNG and pay later.

On October 16, the Ministry of Finance Incorporated (MOFI), in collaboration with CrediCorp and other stakeholders, made N10 billion available to Nigerians for CNG conversion projects.