How to access FG’s CALM Fund credit for CNG conversions, Solar systems

Amid rising energy costs and growing concerns over Nigeria’s dependence on petrol and unreliable electricity supply, the Federal Government has rolled out a new credit scheme designed to offer relief and empower Nigerians to switch to cleaner, more affordable energy alternatives.

The initiative, called Credit Access for Light and Mobility (CALM), was launched through the Nigerian Consumer Credit Corporation (CREDICORP) in collaboration with the Ministry of Finance Incorporated (MOFI) and the Presidential Compressed Natural Gas Initiative (PCNGi).

Backed by an initial funding of N2.5 billion, CALM allows Nigerians to access credit to convert petrol-powered vehicles to run on Compressed Natural Gas (CNG) and to purchase solar panels, inverters, and other solar power systems.

So how can you access this credit? What are the requirements? And how much can you actually get?

Here’s a breakdown of everything you need to know.

What is CALM? 

CALM stands for Credit Access for Light and Mobility, and it’s part of the government’s broader plan to reduce Nigeria’s energy costs, boost the adoption of renewable energy, and promote local investment in energy infrastructure.

The credit scheme is not a grant or subsidy — it’s a loan scheme aimed at making it easier for Nigerians to finance the purchase of alternative energy solutions like CNG conversion kits and solar power systems without bearing the full cost upfront.

How much can you access, and what’s the interest rate? 

CREDICORP provides loans covering up to 90% of the cost of converting your car to run on CNG or purchasing a solar system. 

• Loan-to-value ratio: You must provide a 10% equity contribution of the total cost. For example, if the asset costs N10 million, you need to contribute N1 million, while CREDICORP funds the remaining N9 million.
• Interest rate: The loan comes with a 24% annual interest rate, which is relatively high but consistent with prevailing market rates.
• Tenor: Loans are to be repaid over a period of two years (24 months).

Do you need collateral? 

No. Traditional collateral is not required to access CALM funding. 

Instead, CREDICORP provides credit guarantees to partner financial institutions. These guarantees reduce the risk for lenders and make it easier for Nigerians — even those without property or fixed assets — to access loans.

However, applicants must have a clean credit history and fulfill all the eligibility criteria.

Who is eligible? 

To apply, you must meet the following requirements:

• A clean credit report from at least two recognized credit bureaus.
• Detailed vehicle information, including:
• Vehicle make (e.g., Toyota, Honda, Nissan)
• Year of manufacture (must be between 2000 and 2015)
• Registration number, chassis/VIN number, color
• Type of fuel system (Carburetor or Injector)
• Engine type (4, 6, or 8 cylinders)
• Service history (if available)
• Mileage (optional)
• You also need a certificate of vehicle assessment for CNG conversion.

Where can you convert your vehicle? 

CREDICORP has partnered with approved CNG conversion centers in various parts of the country. For now, the centers are concentrated in Lagos and Ibadan:

Lagos: 

• Automedics Ilupeju (LAG-046)
• Femadec (LAG-001)
• CGC Igando (LAG-044)
• Dana Motors (LAG-011)
• Mide Energy (LAG-042)

Ibadan:

• Ecogreen (OYO-009)
• Autoclinic (OYO-002)

More locations may be added as the program scales.

How do you apply? 

To apply for CALM credit: 

1. Visit the official application portal: https://www.credicorp.ng/calm
2. Click on the “Apply Now” or CALM form link: Direct Form Link
3. Fill out the application form with your personal, financial, and vehicle details.
4. Submit the form. CREDICORP will contact you after reviewing your submission to inform you of your eligibility status and the next steps.

What is the broader goal of CALM? 

The CALM initiative isn’t just about helping individuals afford solar panels or convert their cars. It’s also part of a strategic industrial policy.

Speaking at the launch, PCNGi Program Director and CEO, Michael Oluwagbemi said the initiative could “attract the necessary investments for domestic production of CNG conversion kits,” thus fostering self-reliance and economic growth.

In the long run, the program is expected to: 

• Support job creation
• Drive domestic manufacturing
• Reduce fuel dependency
• Lower energy costs for Nigerians across social classes

What about solar power? 

Applicants can also apply to finance the acquisition of:

• Solar panels
• Inverters
• Complete home solar systems

Just like CNG conversions, applicants must provide 10% equity upfront, while CREDICORP funds the remaining 90%. The loan terms (24% interest, 2-year tenure) also apply.

Other initiatives by CREDICORP

CALM is just one of several initiatives under CREDICORP’s mission to democratize consumer credit in Nigeria.

Another notable scheme is S.C.A.L.E. — Securing Consumer Access for Local Enterprise. 

SCALE is designed to stimulate Nigeria’s local manufacturing economy by providing credit to Nigerians to buy made-in-Nigeria goods and services.

One example includes the recent rollout of credit facilities for Nigerians to buy locally assembled electric motorcycles and tricycles from Simba (TVS), Nigeria’s largest two- and three-wheeler manufacturer.

Final thoughts 

CALM could be a game changer for middle- and lower-income Nigerians looking for affordable alternatives to petrol and unreliable power.

But like every loan, it comes with repayment obligations and the interest rate is not insignificant.

Still, for those who qualify, CALM provides a structured and legitimate pathway to energy independence and possibly even long-term cost savings.