The Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi CNG & EV) has signed a landmark Memorandum of Understanding (MoU) with key financial institutions to expand access to affordable financing for vehicle conversion under the Clean Mobility agenda.
The financial institutions include; the Nigerian Consumer Credit Corporation (CrediCorp); National Credit Guarantee Company Limited (NCGC) and Moniepoint Microfinance Bank Limited (Moniepoint MFB).
The agreement was signed in Abuja on Wednesday which brought together the Pi-CNG & EV and the institutions to collaborative and provide a framework that will support structured consumer credit and credit guarantee services for Nigerians willing to convert their vehicles to use Compressed Natural Gas (CNG).
Through the new arrangement, motorists, commercial transport operators, and fleet owners will be able to access financing and credit-guarantee options to convert their petrol or diesel vehicles to CNG, a cheaper and cleaner fuel alternative.
Speaking at the MoU signing ceremony, the Executive Chairman of Pi CNG & EV, Bar. Ismail Ahmed described the partnership as “a practical step toward a more inclusive and sustainable energy transition pathway,” noting that financing remains one of the most critical enablers for widespread conversion.
He informed that the initiative is anchored on delivering the three key pillars of adoption, which are Availability, Acceptability, and Affordability.
According to him, availability ensures that infrastructure, conversion centres, and supply systems are sufficiently scaled to meet growing demand across the country. He noted that without consistent access, adoption cannot be sustained.
Speaking on acceptability, he explained that transitioning energy systems requires building public trust and confidence over time, stressing that Nigerians must be assured of the safety, reliability, and long-term value of CNG as an alternative fuel.
Bar. Ahmed further emphasised that, affordability as the central focus of the new partnership, stating that the collaboration with financial institutions is designed to reduce the cost barrier associated with vehicle conversion and enable more Nigerians, particularly commercial drivers and small business operators, to make the switch.
He said, “With this partnership, ordinary Nigerians now have structured options to finance their CNG conversions through trusted credit channels backed by guarantee support”.
The Executive Chairman also noted that the initiative reflects the Federal Government’s broader commitment to providing a sustainable alternative to rising fuel costs, positioning CNG and electric mobility as long-term solutions for Nigeria’s transportation needs.
He noted that the collaboration between the financial institutions Pi-CNG & EV, would further boost confidence in the safety, cost-efficiency, and reliability of CNG technology while generating new jobs in conversion workshops, maintenance services, and local fabrication.
The Executive Chairman added, “Nigeria’s clean mobility agenda is not just an energy project, it’s an economic empowerment initiative. Every converted vehicle brings savings to households, reduces emissions, and strengthens our energy independence”.
On their part, representatives of the partnering institutions which include the Managing Director/ CEO – CREDICORP,Uzoma Nwagba, the ED, Risk Management – NCGC,Prof. Ezekiel Oseni and the Senior Vice President, Business Loans – Moniepoint, Tobi Amira, reaffirmed their joint commitment to accelerate the adoption of CNG and electric vehicles as part of the federal government’s ongoing efforts to reduce transportation costs, promote energy efficiency, and cut vehicular emissions.
The event, held at the Aso Hall, Abuja Continental Hotel, also featured industry players and representatives from government and the private sector.
The Presidential Initiative on Compressed Natural gas and Electric Vehicles continues to lead the national drive for affordable, cleaner transportation.
