The Federal Government of Nigeria, through the Nigerian Consumer Credit Corporation (CREDICORP), has started a new program called Credit Access for Light and Mobility (CALM). This program, which began with N2.5 billion, is a joint effort with the Ministry of Finance Incorporated (MOFI) and the Presidential Compressed Natural Gas Initiative (PCNGI). The goal is to help Nigerians reduce their energy and transport costs. Through CALM, people can borrow money to switch their vehicles from petrol to Compressed Natural Gas (CNG) and buy solar panels and inverters.
How to Apply, Loan Terms, and Interest Rate
According to information gathered by Nairametrics, the loans under this program come with a 24% interest rate per year and must be paid back within two years. This means Nigerians can use the loan to change their petrol cars to run on CNG or to buy solar items like panels and inverters. To apply, you need to visit the CREDICORP website at https://www.credicorp.ng/calm and fill out an application form.
Approved CNG Conversion Centers
Once your application is accepted, you can take your vehicle to one of the approved centers to switch it to CNG. Here are the centers listed for the CALM program:
- Lagos:
- Automedics Ilupeju (LAG-046)
- Femadec (LAG-001)
- CGC Igando (LAG-044)
- Dana Motors (LAG-011)
- Mide Energy (LAG-042)
- Ibadan:
- Ecogreen (OYO-009)
- Autoclinic (OYO-002)
These centers will handle the conversion for people chosen to benefit from the program.
What Was Said at the CALM Fund Launch
During the launch of the CALM program, Michael Oluwagbemi, the Program Director and CEO of PCNGI, spoke about its benefits. He said this initiative could bring more local investment to Nigeria. “This program can encourage people to make CNG conversion kits right here in Nigeria. It will help us rely on ourselves and grow our economy,” he explained. He also mentioned another project that focuses on building local manufacturing for the CNG industry. “This isn’t just about giving loans to Nigerians. It’s about making these products in Nigeria, creating jobs, and lowering energy costs for everyone,” he added.
Other Loan Programs by CREDICORP
CREDICORP has more programs to help Nigerians financially, especially when buying goods made in Nigeria. One of these is called S.C.A.L.E., which stands for Securing Consumer Access for Local Enterprise. This program supports local businesses by offering loans to people who want to buy products and services from Nigerian companies and manufacturers.
For example, Nairametrics reported that CREDICORP teamed up with others under the SCALE program to provide loans for Nigerians to buy electric vehicles made in Nigeria. In the first round of this program, people got loans to purchase motorcycles and tricycles put together by Simba (TVS), the country’s biggest maker of two- and three-wheeled vehicles.
Why This Matters
The CALM Fund and other efforts like SCALE are designed to make life easier for Nigerians by offering affordable ways to switch to cheaper energy and transport options. By giving loans for CNG conversions and solar systems, the government hopes to cut the high costs of fuel and electricity. Plus, by encouraging local production, these programs could create more jobs and help the economy grow stronger. If you’re interested, check out the CREDICORP website to apply and see how you can benefit!