In a landmark agreement, Nigeria’s largest ethical banking institution, The Alternative Bank, has signed a pioneering deal with the Niger State government.
The contract, valued at over N14 billion, is set to finance the delivery of 5000 electric tricycles, aiming to drive social impact, youth empowerment, business growth, and economic prosperity in the Power State.
This landmark deal will enable the Niger State government, through its ministries of Transportation, Youth, Women Affairs, and Small and Medium Enterprises, to procure the tricycles for the program, lease them to beneficiaries, establish an assembly and maintenance plant, and train resident youths as mechanics to service the tricycles.
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.
His Excellency, Governor Mohammed Umar Bago, commented on the deal, stating that it is a step towards the upliftment of the state, helping it realize its full economic potential and making Niger a “green” state. Governor Bago emphasized the choice of The Alternative Bank as the partner for this project due to its innovative approach towards wealth creation, with the bank taking a joint-investor and partner-in-progress approach to financing projects, unlike the traditional commercial model of being just a lender.
Speaking at the deal-signing ceremony, Alhaji Garba Mohammed, Executive Director at The Alternative Bank, said, “This project, as conceived, will provide solutions to aid the economic involvement of women, youth, and small businesses by generating commercial value for the people and the government, safeguarding the environment through the use of renewable and sustainable energy sources as a driver of transportation with the great state of Niger.”
He continued, “This will be the single largest delivery of electric vehicles across the country and on the African continent. Unlike vehicles powered by internal combustible engines consuming petrol, compressed natural gas, and other fossil fuels, these 5000 tricycles will contribute to the reduction of pollution in Niger State, aligning perfectly with The Alternative Bank’s commitment to wealth creation, social growth, and environmental responsibility.”
This deal swiftly follows the Alternative Bank’s recent delivery of 120 electric tricycles to the Mata Zalla and Yar Baiwa cooperatives in Kano State. The project’s details saw the bank deliver tricycles to the women of the cooperatives, train them on servicing and maintenance of the vehicles, and create a battery swapping terminal within the Kano metropolis for easy recharging of the tricycles.
The outcomes of the recently launched program include economic inclusion and independence for the women, increased transportation options for residents of the metropolis, reduced transportation costs due to the energy cost efficiency of the electric tricycles, improved security and safety for women commuters, and a considerable net positive environmental impact due to the renewable energy-powered nature of the tricycles.
