Nigerian government partners with financial institutions to offer credit for vehicle conversion to CNG
via Punch Nigeria5 min read
The Presidential Compressed Natural Gas Initiative has partnered with Moniepoint Microfinance Bank Limited, Nigerian Consumer Credit Corporation, and National Credit Guarantee Company Limited to provide affordable credit for converting vehicles to Compressed Natural Gas. This collaboration aims to remove the upfront cost barrier for Nigerians switching to cheaper energy alternatives. Ismaeel Ahmed, Chief Executive Officer of the initiative, stated that the partnership directly addresses the affordability challenge in CNG adoption. The new framework allows motorists to spread conversion costs over time, making it accessible for low-income earners like commercial drivers. Ahmed highlighted potential savings, noting that a commercial driver could reduce fuel costs by 60 to 70 percent and maintenance costs significantly by switching to CNG. Uzoma Nwagba, Managing Director of Nigerian Consumer Credit Corporation, explained that the initiative is designed to deliver direct benefits of economic reforms to ordinary Nigerians, particularly transport workers and small business owners affected by high energy costs. He also noted that the scheme offers significantly reduced interest rates, with loans as low as 9 percent annually, compared to market rates of 48 percent to 120 percent. The government has made 100,000 CNG conversion kits immediately available and plans to scale deployment nationwide. Tobi Amirah, Lead for Business Lending at Moniepoint Microfinance Bank Limited, affirmed th
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