Partnership Boosts Affordable Electric Vehicle Access in Nigeria

EV Automobiles Ltd and ReTrust Microfin Bank have formed a strategic partnership to make electric vehicle ownership more accessible to ordinary Nigerians. This collaboration, which also involves Citadel Power, Citadel Estate, and Zylu International Group, aims to tackle significant barriers to electric vehicle adoption, particularly high acquisition costs and insufficient financing options.

The initiative includes a consumer financing program that will enable qualified Nigerians to purchase brand new electric vehicles through affordable credit facilities provided by ReTrust Microfin Bank. Dr. Kennedi Okonkwo, Group Managing Director of Nedcomoak, emphasized that the partnership is a timely intervention responding to the rising costs of petrol and the urgent need for cleaner transportation alternatives.

Oladimeji Babatunde, Managing Director of ReTrust Microfin Bank, highlighted the bank's role in democratizing access to electric vehicles while developing necessary charging infrastructure. This partnership is expected to significantly reduce dependence on fossil fuels and lower transportation costs for individuals and businesses in Nigeria.