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Niger and Alternative Bank to establish Africa’s largest EV fleet in landmark $18.4 mln deal

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In a groundbreaking initiative, Nigeria’s premier ethical banking institution, The Alternative Bank, has entered into a historic agreement with the Niger State government to finance the deployment of 5,000 electric tricycles.

This deal, valued at over N14 billion ($18.4 million), aims to foster social impact, youth empowerment, business growth, and economic prosperity in Niger State.

The agreement will see the Niger State government, through its ministries of transportation, youth, women affairs, and small and medium enterprises, procure the tricycles for the program.

These tricycles will be leased to beneficiaries, with plans to establish an assembly and maintenance plant and train local youths as mechanics to service the vehicles.

Charging and battery swap stations for the electric tricycles will be installed at strategic locations such as schools, hospitals, and markets across major towns in the state.

Governor Mohammed Umar Bago of Niger State expressed enthusiasm about the deal, noting it as a significant step toward maximizing the state’s economic potential and achieving a “green” state.

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Bago praised The Alternative Bank for its innovative approach to wealth creation and stressed the bank’s role as a joint investor and partner-in-progress rather than just a traditional lender.

Executive Director at The Alternative Bank, Garba Mohammed underscored the project’s potential to enhance economic involvement among women, youth, and small businesses.

He emphasized the environmental benefits, noting that the 5,000 electric tricycles would help reduce pollution by using renewable and sustainable energy sources.

“This will be the single largest delivery of electric vehicles across the country and on the African continent,” he stated.

This initiative follows The Alternative Bank’s successful delivery of 120 electric tricycles to the Mata Zalla and Yar Baiwa cooperatives in Kano State.

The bank provided tricycles, trained women in vehicle servicing and maintenance, and established a battery swapping terminal in Kano, resulting in economic inclusion, reduced transportation costs, and improved security for women commuters.

The Niger State project is expected to generate commercial value for the people and the government, safeguard the environment, and align with The Alternative Bank’s commitment to wealth creation, social growth, and environmental responsibility.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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