CNG & EV Initiative Seals MoU With CrediCorp, NCGC, Moniepoint MFB on Clean Mobility Financing

Juliet Akoje In Abuja.

The Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV) has entered into a landmark Memorandum of Understanding (MoU) with major financial institutions aimed at widening access to affordable financing for vehicle conversion under its Clean Mobility programme.

The partner institutions include the Nigerian Consumer Credit Corporation (CrediCorp), the National Credit Guarantee Company Limited (NCGC), and Moniepoint Microfinance Bank Limited (Moniepoint MFB).

The agreement, signed in Abuja on Wednesday, brought together Pi-CNG & EV and the financial partners to establish a collaborative framework for delivering structured consumer credit and credit guarantee services to Nigerians interested in converting their vehicles to run on Compressed Natural Gas (CNG).

Under the arrangement, private motorists, commercial transport operators, and fleet owners will gain access to financing and credit-guarantee facilities to support the conversion of petrol- and diesel-powered vehicles to CNG, a more affordable and environmentally friendly fuel option.

Speaking at the signing ceremony, the Executive Chairman of Pi-CNG & EV, Barrister Ismail Ahmed, described the partnership as “a practical step toward a more inclusive and sustainable energy transition pathway,” noting that access to financing remains a critical driver of large-scale adoption.

He explained that the initiative is built on three core pillars of adoption: Availability, Acceptability, and Affordability.

According to him, availability entails expanding infrastructure, conversion centres, and supply chains to meet increasing nationwide demand, stressing that consistent access is essential for sustained adoption.

On acceptability, he noted that energy transition requires building public confidence over time, emphasizing that Nigerians must be assured of the safety, reliability, and long-term benefits of CNG as an alternative fuel.

Ahmed further highlighted affordability as the central focus of the partnership, explaining that collaboration with financial institutions is intended to lower the cost barriers associated with vehicle conversion and enable wider participation, especially among commercial drivers and small-scale operators.

“With this partnership, ordinary Nigerians now have structured options to finance their CNG conversions through trusted credit channels backed by guarantee support,” he said.

He added that the initiative aligns with the Federal Government’s broader objective of offering sustainable alternatives to rising fuel costs, positioning CNG and electric mobility as viable long-term solutions for the nation’s transport sector.

Ahmed also noted that the collaboration would strengthen public confidence in the safety, cost-effectiveness, and reliability of CNG technology, while creating employment opportunities in conversion services, maintenance, and local manufacturing.

He stated, “Nigeria’s clean mobility agenda is not just an energy project; it is also an economic empowerment drive. Each converted vehicle reduces household expenses, cuts emissions, and enhances national energy security.”

In their remarks, representatives of the partner institutions—including Managing Director/CEO of CrediCorp, Uzoma Nwagba; Executive Director, Risk Management at NCGC, Professor Ezekiel Oseni; and Senior Vice President, Business Loans at Moniepoint, Tobi Amira—reaffirmed their commitment to accelerating the adoption of CNG and electric vehicles.

They noted that the initiative supports the Federal Government’s efforts to lower transportation costs, improve energy efficiency, and reduce vehicular emissions.

The event, held at the Aso Hall of the Abuja Continental Hotel, attracted key industry stakeholders as well as representatives from government and the private sector.

The Presidential Initiative on Compressed Natural Gas and Electric Vehicles continues to spearhead the country’s push for cleaner, more affordable transportation solutions.