The Presidential Initiative on Compressed Natural Gas, PiCNG & EV, has unveiled a new Vehicle Conversion Financing Scheme aimed at making it easier for Nigerians to switch to Compressed Natural Gas (CNG)-powered vehicles.
The programme, developed in collaboration with Moniepoint, CrediCorp, and the Nigerian Credit Guarantee Company, is designed to provide accessible funding options for vehicle and tricycle owners. By reducing the high upfront costs typically associated with CNG conversion, the initiative seeks to accelerate adoption across the country.
This move supports the broader directive of Bola Ahmed Tinubu, which targets the nationwide rollout of 100,000 CNG conversion kits. The financing framework is expected to expand access to cleaner and more cost-effective transportation alternatives.
Speaking on the initiative, Executive Chairman of PiCNG & EV, Ismaeel Ahmed, emphasized that the scheme reflects the government’s commitment to improving credit accessibility while addressing rising transportation costs.
He explained that the programme is structured to ease financial pressure on individuals interested in converting their vehicles, offering more flexible payment options. According to him, the initiative represents a significant step toward making affordable mobility a reality for many Nigerians.
Ahmed further described the scheme as a key milestone in advancing the administration’s vision, noting that enabling cheaper transportation is not only a policy priority but also a personal mission aligned with national economic goals.
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By integrating financial support with energy transition efforts, the scheme is expected to play a crucial role in promoting sustainable transport and reducing dependence on more expensive fuel sources.
