The Adamawa State Government has launched a consumer-credit mobility programme, inaugurating 120 Compressed Natural Gas (CNG) tricycles to support local entrepreneurship and income generation.
The initiative is a collaborative effort between the state government and the Nigerian Consumer Credit Corporation (CREDICORP). The programme is designed to provide residents with access to productive assets through credit facilities, helping to create new economic opportunities for small-scale operators.
By deploying CNG-powered vehicles, the programme specifically addresses the rising cost of transport in Nigeria. The use of compressed natural gas offers a more affordable alternative to petrol-powered tricycles, which have become increasingly expensive to operate following the removal of fuel subsidies.
The inauguration of 120 CNG tricycles in Adamawa was facilitated by Finitri, marking the first phase of a scheme intended to integrate sustainable energy with financial inclusion.
Expansion of consumer credit access
The partnership with CREDICORP aims to bridge the credit gap for individuals who lack the collateral required by traditional commercial banks. By using a consumer-credit model, the programme allows entrepreneurs to acquire tricycles that serve as tools for immediate income generation.
This move aligns with the federal government’s broader strategy to use CNG as a primary fuel source for commercial transport. As the price of Premium Motor Spirit (PMS) remains high, the transition to gas-powered vehicles is viewed as a necessary step to stabilise transport costs and protect the livelihoods of commercial drivers.
For the beneficiaries in Adamawa, the acquisition of these assets provides a pathway to self-employment. The lower running costs associated with CNG technology are expected to increase the daily profit margins for tricycle operators compared to those using petrol engines.
The state government and CREDICORP will monitor the implementation of the credit scheme to ensure the sustainability of the programme. Future phases of the initiative may involve expanding the number of available units and incorporating other types of mobility assets into the credit framework.
Local transport unions and economic stakeholders are expected to track the impact of the CNG transition on commuter fares and driver earnings in the coming months.
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