Alt Bank pushes for electric vehicles amid fuel price surge

The Alternative Bank (AltBank) has officially commenced a major push for the penetration of electric vehicles (EV) into the country amid rising prices of fuel caused by the crisis in the Middle East. It stated that the EV financing push would position the transport sector as a key growth opportunity, saying it seeks to bring […]

The Alternative Bank (AltBank) has officially commenced a major push for the penetration of electric vehicles (EV) into the country amid rising prices of fuel caused by the crisis in the Middle East.

It stated that the EV financing push would position the transport sector as a key growth opportunity, saying it seeks to bring Nigeria’s largely informal transport market into the formal financial system.

The bank’s Divisional Head, Commercial & Institutional Banking (Core North), Mohammed Abdul, stated this in the nation’s capital at the Abuja Compact on Electric Mobility Roundtable.

The official explained that beyond clean energy, EVs are emerging as income-generating assets that can create jobs, reduce operating costs, and open new pathways to financial inclusion for transport operators.

According to him, it was observed that transporters have historically been shut out of conventional lending in the banking sector.

“Without transport, you cannot effectively achieve growth in any of the other sectors. Mobility powers everything. If you need to get to a hospital, you need mobility.

“If you are moving from home to the farm, you need mobility. Even in renewable energy operations, mobility is essential,” Abdul said.

He pointed out the sector’s growing economic impact, particularly in job creation and income growth, noting that the shift toward EVs is generating higher-paying opportunities and improving livelihoods across the value chain.