Nigeria’s push toward cleaner and more cost-efficient transportation received a boost as LOTUS Bank announced a strategic partnership with the Presidential Initiative on Compressed Natural Gas (CNG) and Electric Vehicles (EV), aimed at accelerating investment across the country’s emerging clean mobility sector.
The collaboration was unveiled during the launch of the Northern Corridor of the CNG and EV Programme in Kano State, where government officials and private sector stakeholders gathered to outline plans for expanding sustainable transport infrastructure nationwide.
The initiative is designed to promote the widespread adoption of CNG and electric vehicles as part of broader efforts to reduce transportation costs, lower emissions, and ease pressure on Nigeria’s energy and fuel systems.
Speaking at the event, Deputy Chief of Staff to the President, Ibrahim Hadeja, who represented Vice President Kashim Shettima, described the programme as both an energy reform effort and a wider economic intervention.
“Transportation costs affect everything: food prices, manufacturing, logistics, and ultimately the lives of ordinary Nigerians. This initiative is not just an energy policy. It is an economic strategy for national growth,” he said.
Under the partnership framework, LOTUS Bank will provide financing support across the entire CNG value chain. This includes funding for integrated energy hubs, vehicle conversion projects, fleet acquisition, and infrastructure development for both private and institutional operators.
The bank’s Managing Director and Chief Executive Officer, Dr. Isiaka Ajani-Lawal, said the institution remains committed to financing projects that combine sustainability with long-term economic impact.
“At LOTUS Bank, we believe sustainable finance must go beyond banking transactions to creating meaningful impact within communities and sectors critical to national growth,” he said through the bank’s Regional Head for the Northeast and Northwest, Nazif Ibrahim.
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| Ismael Ahmed, Executive Chairman, Presidential Compressed Natural Gas Initiative (PCNG); and Mr. Nazif Ibrahim, Regional Head Northeast and Northwest, LOTUS Bank; signing the PCNG initiative partnership agreement while other dignitaries watch in Kano, Kano State. |
“Our collaboration with Pi-CNG & EV reflects our commitment to ethical financing, infrastructure development, energy transition, and inclusive economic growth,” he said.
Ajani-Lawal also referenced the bank’s growing footprint in renewable energy financing, including support linked to the Rural Electrification Agency, where it participated in a N100 billion renewable energy financing initiative aimed at expanding clean energy access across underserved communities.
According to the Presidential Initiative on CNG & EV, the programme has already recorded significant progress, including the conversion of more than 250,000 vehicles nationwide. It also reported an expansion of conversion centres from just seven locations to over 350 within 18 months.
The initiative further stated that it has attracted over $2 billion in private sector investment commitments, signaling growing confidence in Nigeria’s transition toward alternative fuel technologies.
Industry stakeholders say the increasing collaboration between government and financial institutions will be critical to scaling infrastructure, reducing reliance on petrol and diesel, and making cleaner transport options more accessible and affordable for Nigerians.