The Federal Government has introduced the CALM Fund (Credit Access for Light and Mobility), a new initiative aimed at providing Nigerians with consumer credit to access compressed natural gas (CNG) conversions and solar home systems.
Managed under the PI-CNG Initiative, this program offers financing through partner financial institutions to enable individuals to convert petrol vehicles to CNG or acquire solar home systems, significantly reducing energy and transportation costs.
The CNG component allows Nigerians to modify their petrol-powered vehicles to run on compressed natural gas, potentially cutting fuel expenses by 60% to 80%.
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The conversion cost can be recovered in 4 to 6 months through fuel savings, providing long-term financial relief.
Similarly, the solar home systems aspect of the CALM Fund offers access to solar panels, inverters, and combined systems, helping Nigerians reduce daily power costs by up to 90%.
Within 3 to 6 months, the energy savings can offset the cost of these systems, with continued savings thereafter.
The CALM Fund is a collaborative effort by the Ministry of Finance Incorporated (MoFI), the Nigerian Consumer Credit Corporation (CREDICORP), and the Presidential Initiative on Compressed Natural Gas (Pi-CNG), offering an opportunity for Nigerians to save more than 70% on energy and transportation expenses.
