The Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi CNG & EV) has signed a Memorandum of Understanding (MoU) with Nigerian Consumer Credit Corporation (CrediCorp), National Credit Guarantee Company Limited (NCGC), and Moniepoint Microfinance Bank Limited (Moniepoint MFB) to expand financing options for vehicle conversions under Nigeria's Clean Mobility agenda. The agreement, signed in Abuja on Wednesday, establishes a framework for structured consumer credit and credit guarantee services to support Nigerians converting petrol or diesel vehicles to Compressed Natural Gas (CNG). The initiative targets motorists, commercial transport operators, and fleet owners, aiming to reduce the financial barrier to adopting CNG, a cheaper and cleaner fuel alternative. Bar. Ismail Ahmed, Executive Chairman of Pi CNG & EV, described the partnership as a practical step toward an inclusive energy transition, anchored on the pillars of Availability, Acceptability, and Affordability. He emphasized that availability of infrastructure and conversion centres is critical to sustaining adoption, while public trust in the safety and reliability of CNG is essential for acceptability. Affordability, he noted, is the central focus of the collaboration, enabling access to financing through trusted credit channels backed by guarantee support. The initiative aligns with the Federal Government's goal of providing sustainable alternatives to rising fuel costs, promoting CNG and electric mobility as long-term solutions for Nigeria's transport sector. According to Ahmed, the clean mobility agenda is not only an energy project but also an economic empowerment initiative, generating jobs in conversion workshops, maintenance, and local fabrication, while reducing emissions and household fuel expenses.
💡 NaijaBuzz is an AI-assisted news aggregator. This content is curated from third-party sources — NaijaBuzz is not the original publisher and is not responsible for the accuracy of source reporting. The NaijaBuzz Take is AI-assisted editorial opinion only, not established fact. All persons mentioned are presumed innocent until proven guilty by a court of competent jurisdiction. NaijaBuzz does not endorse the views expressed in source articles.
