The Kano state government says it in partnership with prestigious Moroccan companies would attract over $10 billion investment in renewable energy and solid minerals development in the next five years.
The state government also said the stage was set for the signing of a series of investment Memoranda of Understanding (MoU) with the Kingdom of Morocco.
A statement by Sunusi Bature Dawakin-Tofa, the media aide to Governor Abba Kabir-Yusuf on Sunday in Kano, said the agreements would focus on renewable energy, agriculture and commerce, as part of the state government’s drive to reposition its economy.
This is as Nigerian Government has launched a N10 billion credit initiative to support Nigerians in converting their vehicles to Compressed Natural Gas (CNG).
The initiative is a collaboration between Ministry of Finance (MOFI), the Nigerian Consumer Credit Corporation (CREDICORP), and the Presidential Initiative on Compressed Natural Gas (Pi-CNG).
Dawakin-Tofa said the development was sequel to a high level investment mission to Morocco led by the governor.
He said the delegation held strategic meetings with key Moroccan institutions including the Ministry of Energy Transition and Sustainable Development, the Moroccan Agency for Sustainable Energy (MASEN), the Moroccan Agency for Africa (OCP Africa) and the Casablanca Chamber of Commerce.
According to Dawakin-Tofa, the agreements will also explore areas such as investor identification, financing models, and cutting-edge technologies for energy storage and efficient distribution, particularly for industrial use in Kano.
He said the Casablanca Chamber of Commerce, one of Africa’s leading private sector platforms, expressed its willingness to collaborate with the state in areas of renewable energy and solid minerals development.
“This partnership is expected to boost the state’s economy and contribute to the projections of attracting up to $10 billion in investments over the next five years in line with the state’s strategic investment plan,” he said.
Dawakin-Tofa said the delegation also met with OCP Africa, one of the world’s largest fertiliser producers.
“OCP welcomed the partnership, proposing new agricultural development projects that include fertiliser blending plants, advanced supply chain systems, and support for smallholder farmers through modern farming technologies.
“The visit marks a major milestone in the state’s pursuit of global partnerships to fast-track industrial growth, clean energy transition, and sustainable agricultural development.”
According to Dawakin-Tofa, one of the major outcomes of the visit is a proposed partnership with MASEN, which included technical collaboration to support Kano’s transition to clean energy.
“MASEN, renowned for managing one of Africa’s largest solar power plants in Ouarzazate generating 500 megawatts has pledged to share its expertise, lessons learned, and offer technical support for Kano’s Light-Up Kano Initiative, which aims to generate 2,000 megawatts of solar energy within five years.”
Nigeria launches N10b credit scheme
Meanwhile, Ministry of Finance Incorporated (MOFI) has introduced the Credit Access for Light and Mobility (CALM) Fund, a N10 billion credit initiative to support Nigerians in converting their vehicles to Compressed Natural Gas (CNG).
Dr. Armstrong Takang, MD/CEO of MOFI, explained that the initiative aims to address the challenges resulting from recent oil subsidy reforms, which have significantly increased transportation costs.
Takang stated, “One of the unintended consequences was the cost of transportation which spiked over the last several months, creating a lot of challenges for many families who were finding it difficult to move around.”
The CALM Fund will provide Nigerians access to loans for CNG conversion kits and energy-saving solutions through Participating Financial Institutions (PFIs). CREDICORP will seed the fund with N2.5 billion, offering loans at interest rates between 15% to 20%, depending on the borrower’s creditworthiness.
Mr. Uzoma Nwagba, Managing Director and CEO of CREDICORP, explained, “We are setting aside a fund that will allow Nigerians specifically access credits to convert their vehicles to CNG with one to three years repayment duration.”
He added that “people are charged different interest rates depending on their institutions and credit worthiness, financial behaviour, earnings and diligence with paying back previously.”
The Pi-CNG will facilitate vehicle conversions to CNG through authorized centres, offering discounted packages for consumers using CALM loans.
Sir Michael Oluwagbemi, CEO of Pi-CNG, emphasized the initiative’s goal to provide affordable, eco-friendly fuel options, stating, “The need for Nigerians to be mobile and enjoy affordable, eco-friendly fuel and reliable transportation made President Bola Tinubu introduce the Pi-CNG programme.”
Nigerians can now obtain immediate credit to convert their vehicles to CNG through the CALM Fund, reducing their dependence on more expensive fuels. Interested individuals can apply for CALM Fund loans through participating financial institutions at http://credicorp.ng/apply.
In addition, accredited PCNGI conversion centres will actively market this credit option to their customers.
