In response to the rising financial pressures on Nigerians due to high energy and transportation costs, the Ministry of Finance Incorporated (MOFI), the Nigerian Consumer Credit Corporation (CREDICORP), and the Presidential Initiative on CNG (PI-CNG) Ltd have collaborated to launch the Credit Access for Light and Mobility (CALM) Fund. This innovative fund aims to provide accessible credit for Nigerians to obtain Compressed Natural Gas (CNG) conversion kits and other energy-saving solutions, alleviating the burden of soaring fuel and electricity prices while promoting sustainability.

The CALM Fund serves as a much-needed lifeline for households and businesses seeking cost-effective ways to manage rising expenses. Through flexible financing options, Nigerians will be able to access immediate credit for converting their vehicles to CNG and adopting solar energy solutions, significantly reducing their dependency on expensive fossil fuels and lowering their electricity bills.

A Solution Designed to Alleviate Financial Burden

As the cost of living continues to increase, particularly with higher petrol prices and mounting energy bills, the CALM Fund offers a pragmatic alternative to struggling Nigerians. The initiative has two primary objectives:

• Vehicle Conversions to CNG: Encourage Nigerians to switch to CNG, a more affordable and eco-friendly fuel option that can significantly lower transportation costs.
• Solar Energy Adoption: Support the installation of solar panels for homes and businesses to reduce reliance on costly electricity from the national grid.

By making these options accessible through loans, the CALM Fund eliminates the upfront financial burden of switching to more sustainable energy solutions. Nigerians can apply for loans through Participating Financial Institutions (PFIs) and spread out the repayment in a way that fits their budgets.

Strategic Partnership for National Impact

The collaborative effort behind the CALM Fund involves three key organizations, each playing a critical role in ensuring the success of the initiative:

• MOFI will aggregate and expand the consortium fund, partnering with private and institutional investors to increase the initial ₦10 billion fund. MOFI’s role will be to attract more funding to ensure the initiative has a lasting impact across Nigeria.
• CREDICORP, acting as the Fund Manager, will oversee loan disbursements and provide credit guarantees. By injecting ₦2.5 billion into the fund, CREDICORP ensures Nigerians can access affordable financing through a network of PFIs, making the transition to CNG and solar energy more attainable.
• PI-CNG Ltd will serve as the primary service provider, facilitating vehicle conversions through its authorized centers. Consumers utilizing CALM loans will have access to discounted conversion packages, ensuring they receive high-quality service at an affordable rate.

This partnership demonstrates the shared commitment of these organizations to support Nigerians during these challenging times by offering innovative financing solutions that address critical needs.

Driving Sustainability and Economic Growth

The CALM Fund not only aims to ease the financial strain on Nigerians but also promotes environmental sustainability. The switch to CNG is expected to cut down on carbon emissions, making it a greener alternative to traditional petrol. Meanwhile, the adoption of solar energy solutions will reduce pressure on the national electricity grid, empowering households and businesses to generate their own power in a cost-effective and environmentally friendly manner.

The initiative aligns with Nigeria’s broader economic goals, supporting national energy security, reducing carbon footprints, and creating jobs in sectors like energy installation and vehicle conversion.

How to Apply

Nigerians interested in benefiting from the CALM Fund can apply for loans through participating financial institutions, ensuring quick access to the funds needed for CNG conversion and solar energy installations. Application details can be found at www.credicorp.ng/apply. Additionally, authorized PCNGI conversion centers will actively promote this loan option to their customers, making it easier for consumers to take advantage of the program.