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How to Get FG’s CALM Fund Loan for CNG Conversion & Solar Power—No Collateral Required

By Achimi muktar

As fuel prices and electricity costs continue to soar, many Nigerians are searching for affordable alternatives to power their homes and vehicles. The Federal Government has responded with a game-changing initiative—the Credit Access for Light and Mobility (CALM) Fund. This innovative loan scheme provides Nigerians with access to credit for Compressed Natural Gas (CNG) vehicle conversions and solar power systems—without requiring traditional collateral.

What is the CALM Fund?

CALM is a government-backed credit program 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). With an initial funding of N2.5 billion, it aims to make clean energy solutions more accessible to Nigerians.

Unlike grants or subsidies, CALM operates as a low-barrier loan program, helping individuals and businesses afford alternative energy solutions with structured repayment plans.

How Much Can You Borrow?

Loan Coverage: Up to 90% of the cost for CNG conversion or solar system purchase.

Equity Contribution: You must pay at least 10% of the total cost upfront.

Interest Rate: 24% annually.

Repayment Tenure: 24 months.

For example, if a CNG conversion or solar system costs N10 million, you need to contribute N1 million, while CREDICORP covers the remaining N9 million.

Do You Need Collateral?

No! CALM eliminates the need for traditional collateral by offering credit guarantees through financial institutions. However, applicants must meet eligibility requirements, including maintaining a clean credit history.

Who is Eligible?

To qualify for CALM, applicants must:

Have a clean credit report from at least two recognized credit bureaus.

Provide comprehensive vehicle details (for CNG conversion), including make, model, year, VIN, and fuel system type.

Obtain a certified vehicle assessment for CNG conversion.

Where Can You Convert Your Vehicle?

Approved CNG conversion centers are currently available in Lagos and Ibadan:

Lagos: Automedics Ilupeju, Femadec, CGC Igando, Dana Motors, Mide Energy.

Ibadan: Ecogreen, Autoclinic.

More centers may be added as the program expands.

How to Apply for the CALM Loan

Visit the official portal: www.credicorp.ng/calm

Click on the “Apply Now” button.

Fill in your personal, financial, and vehicle details.

Submit your application and wait for CREDICORP’s response regarding eligibility and next steps.

Beyond Vehicles—Get a Loan for Solar Power

CALM also funds solar solutions, including:

Solar panels

Inverters

Complete home solar systems

Just like CNG conversions, solar applicants must provide a 10% equity payment, with the remaining 90% covered by CREDICORP under the same loan terms.

The Bigger Picture—Why CALM Matters

Beyond individual benefits, CALM supports job creation, domestic manufacturing, and Nigeria’s long-term energy independence. By encouraging CNG use and solar adoption, the government hopes to reduce fuel dependency and lower energy costs across all income levels.

Final Thoughts—Is CALM Right for You?

If you’ve been struggling with high fuel costs or unreliable electricity, CALM provides a structured pathway to a more sustainable and cost-effective energy future. While the 24% interest rate is a factor to consider, the absence of collateral requirements and the flexibility of the repayment plan make this a compelling option for eligible Nigerians.

Ready to make the switch? Apply today and take control of your energy future!