FG-Backed CREDICORP Rolls Out Discounted Loans for Nigerian Youths to Own CNG Tricycles
- Tinubu’s administration is distributing CNG tricycles to Nigerian youths through discounted instalment financing
- CREDICORP says over 300,000 Nigerians have accessed credit for productive and essential assets
- The initiative aims to create jobs, reduce transport costs and accelerate cleaner mobility across Adamawa State
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
President Bola Tinubu’s administration has begun distributing Compressed Natural Gas-powered tricycles to Nigerian youths under a financing programme that allows beneficiaries to acquire the vehicles through discounted instalment payments.
The initiative, facilitated by the Nigerian Consumer Credit Corporation (CREDICORP) in partnership with Sub-city Project Global Consult, is designed to give young Nigerians access to productive assets while supporting the transition to alternative transportation fuels.
Source: UGC
The programme is also expected to help ease the impact of rising transportation costs following increases in petrol prices.
Youths get tricycles on instalment
Speaking during the distribution exercise in Yola, Adamawa State, Imam Umar, Managing Director of Sub-city Project Global Consult, said the initiative aligns with the federal government's focus on youth empowerment, entrepreneurship and job creation.
Umar said beneficiaries would receive tricycles through an instalment payment arrangement, allowing them to earn income while gradually taking ownership of the vehicles.
“Today, we are here to support our young people by providing tricycles on an installment payment arrangement, giving beneficiaries the opportunity to own productive assets, create employment opportunities, generate income, and build a more sustainable future for themselves and their families,” he said.
He urged beneficiaries to use the tricycles responsibly, prioritise safety and meet their repayment obligations to enable the programme to reach more Nigerians.
According to him, empowerment should go beyond financial assistance by giving young people the tools and opportunities required to become economically independent.
CREDICORP highlights consumer credit expansion
Adamawa State Commissioner for Transportation, Mrs Rumpe Anthony, who represented Governor Ahmadu Fintiri, commended CREDICORP for facilitating access to financing for the CNG-powered tricycles.
Anthony said CREDICORP had enabled more than 300,000 Nigerians to access consumer credit for productive and essential assets, including vehicles, digital devices, solar solutions and work tools, according to a report by Punch
She said the tricycle programme demonstrated the potential impact of collaboration between government, financial institutions, manufacturers, vendors and beneficiaries.
“When properly structured, access to affordable credit can give a young person the opportunity to own a productive asset, earn an income, build a business and improve the welfare of their family,” she said.
CNG tricycles target transport costs
Anthony also highlighted the potential benefits of CNG in Nigeria's transportation sector, describing it as an opportunity to move toward cleaner, potentially more efficient mobility.
Source: Facebook
She noted that transportation is particularly important in Adamawa, where residents depend on affordable mobility to connect communities, markets, businesses and households.
According to the commissioner, the CNG tricycle rollout forms part of a wider effort to build a transportation system that is more affordable, sustainable and responsive to Nigerians' needs.
She added that expanding structured consumer and productive-asset financing could also benefit other sectors in Adamawa, including agriculture and renewable energy.
FG opens free iDICE training for 50,000 Nigerian youths
Legit.ng earlier reported that the Federal Government has opened applications for a free digital and Business Process Outsourcing (BPO) training programme targeting 50,000 young Nigerians across the South-West.
The initiative, under the Investment in Digital and Creative Enterprises (iDICE) Programme, is designed to equip participants with in-demand digital and outsourcing skills while creating pathways to local and international employment opportunities.
Source: Legit.ng
