The Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV) has entered into a memorandum of understanding (MoU) with the Nigerian Consumer Credit Corporation (CrediCorp), National Credit Guarantee Company Limited (NCGC), and Moniepoint Microfinance Bank to boost financing for vehicle conversion to compressed natural gas (CNG).
Gatekeepers News reports that the agreement, signed in Abuja on Wednesday, is designed to provide structured consumer credit and credit guarantees for motorists seeking to convert petrol and diesel vehicles to CNG.
Under the arrangement, commercial transport operators, fleet owners, and private vehicle owners will have access to financing options supported by credit guarantees, making it easier to transition to the alternative fuel.
Speaking at the signing ceremony, Ismail Ahmed, executive chairman of Pi-CNG/EV, described access to finance as a key driver of large-scale adoption of CNG technology. He explained that the initiative is anchored on three pillars — availability, acceptability, and affordability — to ensure widespread adoption across the country.
“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 noted that availability focuses on expanding infrastructure and supply systems, while acceptability is aimed at building public trust in the safety and reliability of CNG.
Ahmed emphasised that affordability remains the core goal 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.
Highlighting the scale of the programme, he added: “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 organisations at the event included 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 pledged their commitment to lowering transportation costs and improving energy efficiency through the initiative.
The development follows President Bola Tinubu’s approval on March 26 to expand the Pi-CNG programme to include electric vehicles.
