To help Nigerians adopt cleaner energy alternatives, the government has launched the Credit Access for Light and Mobility (CALM) Fund, offering consumer credit for CNG vehicle conversions and solar home systems. Announced via the X platform by Dada Olusegun, Special Assistant to President Bola Tinubu on Social Media, the CALM Fund is now accepting applications from Nigerians seeking financial assistance to transition to Compressed Natural Gas (CNG) vehicles or acquire solar home systems.
This initiative, a collaborative effort between the Ministry of Finance Incorporated (MoFI), the Nigerian Consumer Credit Corporation (CREDICORP), and Pi-CNG, a leading provider of CNG conversion solutions, aims to empower Nigerians to embrace cleaner energy alternatives by providing access to consumer credit.
“Applications are now open for CALM Fund (Credit Access for Light and Mobility), providing consumer credit to help Nigerians access CNG Conversions and Solar Home Systems through partner financial institutions,” Olusegun announced in his post.
The CALM Fund (which you can apply for here) addresses two critical challenges facing Nigeria: the rising cost of transportation fuel following the removal of subsidies and the persistent lack of reliable electricity access for many households. By providing consumer credit, the initiative aims to make CNG conversions and solar home systems more affordable and accessible to Nigerians.
This approach aligns with the government’s efforts to promote cleaner energy and reduce reliance on fossil fuels. CNG is a more environmentally friendly alternative to petrol, and solar power provides a sustainable and reliable source of electricity, particularly for those who lack access to the national grid.
The collaboration between MoFI, CREDICORP, and Pi-CNG brings together the necessary financial and technical expertise to drive the CALM Fund’s success. MoFI’s role as a development finance institution provides the financial backing, while CREDICORP’s expertise in consumer credit ensures efficient and accessible financing options for Nigerians. Pi-CNG’s involvement brings technical expertise in CNG conversion, ensuring quality and safety standards are met.
By empowering consumers to make the switch to cleaner energy, the CALM Fund not only helps reduce individual energy costs but also contributes to Nigeria’s broader environmental and economic goals. The adoption of CNG and solar power can help reduce carbon emissions, improve air quality, and promote sustainable development.
The CALM Fund is a call to action for all Nigerians to embrace a cleaner energy future. Whether it’s converting your vehicle to CNG or investing in a solar home system, this initiative provides the means to make a difference. It’s time to take advantage of this opportunity and contribute to a more sustainable Nigeria.
