By Abubakar Yunusa
The Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV) has signed a memorandum of understanding (MoU) with the Nigerian Consumer Credit Corporation (CrediCorp), National Credit Guarantee Company Limited (NCGC), and Moniepoint Microfinance Bank (Moniepoint MFB) to expand financing for vehicle conversion to compressed natural gas (CNG).
The agreement, signed in Abuja yesterday, is expected to provide structured consumer credit and credit guarantee services for motorists willing to convert petrol and diesel vehicles to CNG.
Under the arrangement, commercial transport operators, fleet owners, and individual motorists will be able to access financing options backed by credit guarantees to support the switch to the alternative fuel.
Speaking at the signing ceremony, Ismail Ahmed, executive chairman of Pi-CNG/EV, said financing remains one of the most critical enablers for large-scale adoption of CNG technology.
He said the initiative is built on three pillars; availability, acceptability, and affordability, to drive nationwide adoption.
“With this partnership, ordinary Nigerians now have structured options to finance their CNG conversions through trusted credit channels backed by guarantee support,” Ahmed said.
He said availability focuses on expanding infrastructure and supply systems, while acceptability involves building public confidence in the safety and reliability of CNG.
Ahmed added that affordability is the central objective of the collaboration with financial institutions.
“Nigeria’s clean mobility agenda is not just an energy project; it is an economic empowerment initiative. Every converted vehicle brings savings to households, reduces emissions, and strengthens our energy independence,” he said.
“Right now, immediately, we have 100,000 to deploy. No matter how many numbers that we have, we will be able to negotiate.”
Representatives of the partner institutions include Uzoma Nwagba, managing director and chief executive officer of CrediCorp; Ezekiel Oseni, executive director of risk management at NCGC; and Tobi Amira, senior vice-president for business loans at Moniepoint.
The partners assured their support to reduce transportation costs and promote energy efficiency.
On March 26, President Bola Tinubu approved the expansion of the PiCNG to include electric vehicles.
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