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Nigeria’s move towards cleaner and cheaper transportation received a boost recently as EV Automobiles Ltd partnered with ReTrust Microfinance Bank to help more Nigerians buy electric vehicles through affordable loans.
The partnership, which also includes Citadel Power, Citadel Estates and Zylus International Group, is designed to reduce the high cost of buying electric vehicles (EVs), one of the biggest obstacles preventing many Nigerians from switching from petrol-powered cars.
Under the arrangement, qualified customers will be able to buy brand-new electric vehicles with consumer loans provided by ReTrust Microfinance Bank at affordable interest rates.
The partners said the initiative is expected to make electric vehicles more accessible at a time when rising petrol prices and transport costs are putting pressure on households and businesses.
Speaking at the signing ceremony, the Group Managing Director of NEDCOMOAKS, Dr. Kennedy Okonkwo, said the partnership comes at a time when many Nigerians are looking for cheaper ways to move around because of the rising cost of fuel.
He said wider use of electric vehicles would reduce dependence on petrol while cutting the cost of running private and commercial vehicles.
Okonkwo explained that the partnership brings together experts in the automobile, power and financial sectors to build a strong support system for electric vehicles in Nigeria.
He said combining vehicle supply, charging infrastructure and affordable financing would help remove some of the challenges slowing the growth of the country’s electric vehicle market.
“The rising cost of fuel makes the transition to electric vehicles increasingly important for Nigerians seeking more affordable means of transportation,” he said.
The Managing Director of ReTrust Microfinance Bank, Mr. Oladimeji Babatunde, said the bank would make it easier for qualified Nigerians to own electric vehicles by providing flexible financing.
According to him, the scheme will allow more people to buy brand-new electric vehicles instead of relying on old petrol-powered cars and imported used vehicles.
He said customers who meet the bank’s lending requirements would have access to flexible loan packages that reduce the burden of paying the full cost of a vehicle upfront.
Babatunde added that the financing programme would encourage more Nigerians to embrace cleaner and more environmentally friendly transportation.
Also speaking, the Chief Executive Officer of Zylus International Group, Dr. Tosin Olatujoye, said the high cost of buying electric vehicles has remained one of the biggest barriers to their adoption in Nigeria.
He said the partnership offers a practical solution by making financing easier while supporting the country’s growing demand for cleaner, cheaper and more efficient transport.
Olatujoye added that the collaboration would also support investments in electricity and charging infrastructure needed to grow Nigeria’s electric vehicle market.
According to him, bringing together vehicle supply, energy infrastructure and financing under one arrangement will speed up the country’s transition to cleaner and more sustainable transportation.
