Driving Ownership: CIG Motors, Stanbic IBTC Unveils Flexible Vehicle Financing Scheme in Nigeria

Access to brand new vehicles may soon become easier for more Nigerians following a new financing partnership between CIG Motors and Stanbic IBTC, aimed at reducing the upfront cost barrier that has long limited vehicle ownership. The initiative, tagged “Vehicle Financing Made Easier,” is designed to support individuals, entrepreneurs, and businesses in acquiring new vehicles through structured repayment plans, with delivery timelines as short as 7 to 14 days. A Shift from Upfront Payments to Structured Access Under the scheme, eligible customers can access brand new vehicles starting from about ₦3 million, with repayment periods extending up to 60 months. The financing package carries an interest rate of 2.1 per cent per month, and is structured to make ownership more flexible for salary earners, small business operators, and professional users. The partnership reflects a growing push toward credit-driven mobility in Lagos and across Nigeria, where high upfront vehicle costs have historically forced many consumers into used car markets. Mobility as Economic Infrastructure Speaking on the initiative, Chief Operating Officer of CIG Motors, Eniola Olutimilehin, said the scheme is designed to reposition mobility as a driver of productivity rather than a luxury. She explained that reliable transportation directly impacts business efficiency, job performance, and household stability, adding that the new financing structure is intended to remove the capital constraints that have kept many capable Nigerians from owning new vehicles. According to her, the partnership changes the traditional narrative around vehicle ownership—from cash-heavy purchases to structured access that supports long-term growth and opportunity. She also highlighted that the offer spans a wide range of vehicles, including electric models aimed at reducing fuel dependency, SUVs for personal and commercial use, and minibuses designed for logistics and passenger transport. Financial Inclusion Through Mobility From the financial services perspective, Executive Director at Stanbic IBTC, Olufunke Amobi, said the programme reflects the institution’s commitment to improving access to essential mobility solutions. She noted that reliable transportation should be accessible to hardworking Nigerians and described the partnership as a practical step toward turning that belief into reality. The financing structure, she added, was designed to be flexible, competitive, and responsive to customer needs. Targeting Salary Earners, SMEs, and Women According to Head of EasyPay, Chizom Ekwuatu, the scheme is tailored to address the dominance of used imported vehicles—commonly referred to as “tokunbo”—in Nigeria’s automotive market. She explained that low new-vehicle penetration is largely driven by financing limitations, and the EasyPay model is intended to bridge that gap. The programme currently focuses on three key segments: salary earners, small and medium enterprises, and women. Customers under these categories, she said, can access vehicles and take delivery within a 7–14 day window. Assembly Capacity and Local Production Push During a tour of the assembly facility in Ikeja, Lagos, Head of Assembly Plant at CIG Motors, Pai Govardhan, assured stakeholders of the company’s production capacity and quality standards. He stated that the plant has the capacity to assemble between 5,000 and 50,000 vehicles annually, depending on market demand, and reaffirmed the company’s commitment to expanding local production. He added that CIG Motors has already delivered over 15,000 vehicles in Nigeria over the years and remains focused on increasing access to brand new vehicles through local assembly and financing support. A Push Toward New Vehicle Adoption in Nigeria Industry representatives believe the collaboration could help reshape Nigeria’s automotive landscape by making new vehicles more financially accessible and reducing dependence on used imports. With structured repayment plans, faster delivery timelines, and expanded financing categories, the initiative represents a broader shift toward credit-enabled mobility in the country’s growing consumer and business transport sectors. If successfully scaled, the model could play a key role in increasing new vehicle penetration while supporting local assembly, job creation, and improved transportation efficiency across Nigeria.