The Nigerian Consumer Credit Corporation (CREDICORP), in partnership with Sub-city Project Global Consult, has begun distributing Compressed Natural Gas (CNG)-powered tricycles to Nigerian youths under a financing programme that allows beneficiaries to acquire the vehicles through discounted instalment payments. The initiative, part of President Bola Tinubu's administration, aims to provide young Nigerians with access to productive assets while supporting the transition to alternative transportation fuels.
Distribution Exercise in Yola, Adamawa State
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 explained that 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. Umar urged beneficiaries to use the tricycles responsibly, prioritise safety, and meet their repayment obligations to enable the programme to reach more Nigerians.
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. 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.
The programme is expected to help ease the impact of rising transportation costs following increases in petrol prices, while creating jobs and accelerating cleaner mobility across the state.
