EV Automobiles Ltd has partnered with ReTrust Microfinance Bank to accelerate the adoption of clean energy transportation in Nigeria, by expanding access to electric vehicles (EVs) and promoting sustainable mobility solutions.
The partnership aims to tackle some of the major challenges hindering the growth of EV usage in Nigeria, particularly affordability and limited access to financing for prospective buyers.
Also participating in the partnership are Citadel Power, Citadel Estates, and Zylux International Group, all of which are expected to contribute their expertise towards building a robust electric mobility ecosystem in the country.
At the heart of the initiative is the financing scheme that enables Nigerians to purchase brand-new electric vehicles through consumer loans provided by ReTrust Microfinance Bank at affordable and competitive interest rates.
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The partners explained that the financing scheme is designed to lower the entry barrier for electric vehicle ownership and encourage more Nigerians to transition from conventional fuel-powered vehicles to cleaner and more cost-effective alternatives.
Speaking during the event, Kennedy Okonkwo, group managing director of NEDCOMOAKS, noted that the initiative comes at a critical time when rising fuel prices continue to exert pressure on transportation costs nationwide.
According to Okonkwo, the increased adoption of electric vehicles would significantly reduce motorists’ dependence on petrol and diesel while lowering the operating costs associated with both personal and commercial transportation.
He further explained that the partnership brings together expertise in vehicle supply, power infrastructure, real estate development, and financial services, thereby creating a comprehensive support system capable of driving the growth of electric mobility in Nigeria.
Okonkwo expressed optimism that the collaboration would not only promote environmental sustainability but also contribute to economic growth by creating new opportunities within the emerging electric vehicle value chain.
Oladimeji Babatunde, managing director of ReTrust Microfinance Bank, reaffirmed the bank’s commitment to providing accessible and flexible financing solutions that would enable more Nigerians to own new electric vehicles.
Babatunde stated that the initiative would help reduce the country’s reliance on ageing fuel-powered automobiles and imported second-hand vehicles while encouraging the adoption of modern, energy-efficient transportation alternatives.
Tosin Olatujoye, group CEO Zylus Group International, said the initiative integrates electric vehicle distribution, charging infrastructure, real estate support and consumer financing to remove key obstacles to EV ownership while promoting environmentally sustainable transportation.
Olatujoye expressed optimism that the model could serve as a blueprint for expanding electric mobility across other African countries as demand for cleaner and more cost-effective transportation continues to grow.
