How to access FG’s CALM Fund credit for CNG conversions, Solar systems

The credit scheme, with an initial investment of N2.5 billion, was launched through a partnership involving CREDICORP, the Ministry of Finance Incorporated (MOFI), and the Presidential Compressed Natural Gas Initiative (PCNGI).

Through the initiative, aimed at easing energy and transportation costs in Nigeria, eligible Nigerians would be allowed to convert their vehicles for CNG use, and also purchase solar panels and inverters on credit.

Applications, tenor, and interest rate

Based on inquiries made by Naijaonpoint, credit facilities are provided for car conversions and/or solar assets at 24% interest per annum, repayable over 2 years.

Nigerians can convert their petrol-powered vehicles to CNG and get solar panels, inverters, and other solar assets on credit.

Applicants can apply by filling out a form on the website of CREDICORP through https://www.credicorp.ng/calm

Nominated CNG conversion centers for CALM initiative

The following are the nominated conversion centers for selected applicants:

The CALM fund launched  

Speaking at the launch of the initiative, the Program Director and CEO of PCNGi, Michael Oluwagbemi, emphasized the scheme’s potential to drive local investment.

“This kind of initiative has the potential to attract the necessary investments for domestic production of CNG conversion kits, fostering self-reliance and economic growth. 

“We have another program which down the road also being coordinated on domestic manufacturing capacity for the CNG sector. I can assure you that this program will not just deliver consumer credit to Nigerians, but we also encourage these products to be made in Nigeria and will drive job creation as well as lower energy for all Nigerians,” he said. 

There are other credit initiatives by CREDICORP to ease financial burdens on Nigerians, especially for the purchase of locally manufactured goods.

In the first phase of distribution, beneficiaries received credit facilities on the purchase of motorcycles and tricycles assembled by Simba (TVS), Nigeria’s largest manufacturer of three- and two-wheelers.