Nigerian Bank, State Govt Close N14 Billion Deal to Roll Out 5,000 Electric Tricycles
- The Alternative Bank has signed a pioneering deal with the Niger state government to facilitate the supply of 5,000 electric tricycles
- The N14 billion deal includes the setting up of charging stations, assembly plants and the training of young people to become mechanics
- The Niger state governor noted that the initiative will boost the economy, empower the citizens and protect the environment from pollution
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
Nigeria's ethical banking institution, the Alternative Bank, has entered into a groundbreaking agreement with the Niger state government valued at N14 billion.
This partnership aims to supply 5,000 electric tricycles to enhance social impact, empower youth, stimulate business growth, and foster economic prosperity in the state.
Source: Twitter
Recall that the bank, a subsidiary of Sterling Holding Company, was launched in 2023 to offer interest-free loans to customers in Nigeria.
5,000 electric tricycles to boost youth empowerment
According to a statement from the bank, the state government will acquire the tricycles through its Transportation, Youth, Women Affairs, and Small and Medium Enterprises ministries.
The initiative includes leasing the tricycles to recipients, setting up an assembly and maintenance plant, and training local youth as mechanics to service the tricycles.
Moreover, charging and battery swap stations for electric tricycles will be established at strategic locations, including schools, hospitals, and markets across key towns in the state.
Recently, the push for sustainable energy has been growing in Nigeria as a local automotive company, Okafor Motors, revealed plans to mass-produce solar-powered tricycles.
Also, Simba Group partnered with TVS, a manufacturer of two- and three-wheeler vehicles, to launch the TVS King Deluxe CNG.
Utilizing renewable energy sources to power transportation
Governor Mohammed Bago of Niger State remarked that this agreement represents a significant move toward the state's economic advancement, helping Niger achieve its full potential and progress toward becoming a 'green' state.
He said:
“This will be the single largest delivery of electric vehicles across the country, and on the African continent.”
The governor said the initiative aims to enhance economic participation among women, youth, and small businesses by creating commercial value for the populace and the government.
He added that the initiative also seeks to protect the environment by utilizing renewable and sustainable energy sources to power transportation throughout Niger State.
This agreement follows the Alternative Bank's recent provision of 120 electric tricycles to the Mata Zalla and Yar Baiwa cooperatives in Kano State.
The initiative aims to boost economic inclusion and independence for women, expand transportation options for city residents, lower transportation costs thanks to the energy efficiency of electric vehicles, and enhance security and safety for women commuters in the region.
Read also
University of Ilorin expresses concern as monthly electricity bill jumps from N70m to N230m
First electric vehicle trucks launched in Nigeria
In related news, Legit.ng reported that Lafarge Africa Plc had launched an electric vehicle (EV) truck into its supply chain fleet.
According to the company, this marks the first of its kind in Africa and is made possible by cooperation with Tolaram.
It added that the development highlights Lafarge Africa's steadfast dedication to environmentally friendly operations and creative solutions.
Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.
PAY ATTENTION: Stay Informed and follow us on Google News!
Source: Legit.ng
