In a bid to alleviate rising energy and transportation costs, the Ministry of Finance Incorporated (MOFI), CREDICORP (Nigerian Consumer Credit Corporation) and the Presidential Initiative on CNG (PI-CNG) have launched the Credit Access for Light and Mobility (CALM) Fund on October 21 2024.
In a statement, the Federal Government stated that “In response to rising energy and transportation costs, Ministry of Finance Incorporated (MOFI), CREDICORP (Nigerian Consumer Credit Corporation) and the Presidential Initiative on CNG (PI-CNG) have launched the Credit Access for Light and Mobility (CALM) Fund. This Fund aims to provide affordable loans for CNG vehicles conversions and solar energy adoptions, offering Nigerians relief from high fuel and electricity costs while promoting sustainability.”
The key focus is to provide loans for vehicle conversions to Compressed Natural Gas (CNG), an affordable, eco-friendly fuel and to offer financing for households and businesses to adopt solar energy and reduce electricity expenses.
According to the statement, MOFI aggregates and expands the N10 billion fund in collaboration with investors, CREDICORP manages the fund, providing N2.5 billion and overseeing loan disbursements through Participating Financial institutions (PFIs) and PI-CNG facilitates CNG Conversions through authorised centres and offers discounted services for CALM loan beneficiaries.
Nigerians can apply for loans through PFIs (www.credicorp.ng/apply), with accredited conversion centres promoting this opportunity.
