The Federal Government has distributed 138 Compressed Natural Gas-powered tricycles to youths in Adamawa State as part of efforts to cushion the impact of rising transportation costs following the increase in fuel prices.
The tricycles were distributed under a discounted instalment loan scheme implemented by CREDICORP in partnership with Sub-City Project Global Consult.
Speaking during the launch in Yola on Wednesday, the Managing Director of Sub-City Global Consult, Malam Imam Umar, said the initiative was designed to promote youth empowerment, entrepreneurship, job creation and inclusive economic growth.
Umar said the scheme would enable beneficiaries to acquire productive assets, generate income, create employment opportunities and improve the welfare of their families.
He urged the beneficiaries to use the tricycles responsibly, comply with the terms of the programme, prioritise safety and make timely repayments so that more young Nigerians could benefit from the scheme.
The Adamawa State Commissioner for Transportation, Mrs Rumpe Anthony, who represented Governor Ahmadu Fintiri, commended CREDICORP for providing access to affordable credit for CNG-powered tricycles.
Anthony said affordable financing could help young people acquire productive assets, establish businesses and improve their livelihoods.
She added that the introduction of CNG-powered tricycles could support the transition towards cleaner and potentially more efficient transportation while addressing the economic needs of transport operators.
The Adamawa rollout represents CREDICORP's first deployment of CNG-powered three-wheelers and marks its entry into the North-East under its nationwide 10,000-vehicle mobility programme.
According to the organisers, CREDICORP has so far enabled more than 300,000 Nigerians to access consumer credit for productive and essential assets, including vehicles, digital devices, solar solutions and work tools.
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