CREDICORP mobilises 120 CNG tricycles in Adamawa

The Nigerian Consumer Credit Corporation (CREDICORP), in partnership with Sub-City Global Consult, has rolled out 120 Compressed Natural Gas (CNG)-powered tricycles to reduce the cost of transportation across Adamawa State.

The vehicles, made available under CREDICORP’s national mobility programme, were commissioned in Yola for distribution to youths under a consumer credit scheme in which the operators would be paying for the vehicles on installments.

The scheme, designed to empower the young beneficiaries through asset ownership to provide mobility at reduced cost to commuters, places ownership in the hands of the operators, a shift from the practice of businessmen acquiring vehicles and hiring riders to operate them.

Adamawa Commissioner for Transport, Mrs. Wunfe Anthony, described the initiative as an investment in young people’s livelihoods and huge support for the state’s transition towards cleaner and more affordable transportation.

A representative of the Presidential Initiative for Compressed Natural Gas (PI-CNG), Jide Owolowo, said the PI-CNG had facilitated the distribution of more than 4,000 CNG-powered tricycles nationwide and converted over 120,000 vehicles from petrol to CNG.

The Chief Executive Officer of Sub-City Global Consult, Malam Imam Tolihat Umar, said the partnership was designed to empower young Nigerians with productive assets that could help them become economically independent.

The rollout of the 120 tricycles is driven by CREDICORP which provided the financing framework; the Letshego Microfinance Bank and Accion Microfinance Bank which were behind the credit administration process; the DAG Bajaj, for supplying the locally assembled CNG three-wheelers; and the Subcity Global which is the vendor that mobilised beneficiaries.