The Nigerian Consumer Credit Corporation (CreditCorp) has announced plans to provide low-interest financing to developers in Nigeria’s Compressed Natural Gas (CNG) sector, with rates set at 9%.

Managing Director of CreditCorp, Uzoma Nwagba, disclosed that the initiative is aimed at reducing the financial burden associated with adopting CNG technology, particularly the high cost of vehicle conversion.

The programme follows a Memorandum of Understanding signed between CreditCorp and key partners, including Moniepoint Microfinance Bank, National Credit Guarantee Company Limited, and the Presidential Initiative on Compressed Natural Gas.

Officials say the scheme is designed to make credit more accessible to individuals and businesses, thereby accelerating the adoption of cleaner energy solutions across the country.

The initiative aligns with the Federal Government’s broader energy transition strategy, which targets the conversion of thousands of vehicles to CNG in a bid to reduce dependence on petrol and lower transportation costs.

Stakeholders believe the move will boost investment in the sector while expanding infrastructure and easing operational costs for developers.