A new partnership between EV Automobiles Limited and ReTrust Microfinance Bank is set to improve access to electric vehicles (EVs) in Nigeria by providing consumer financing aimed at reducing the high upfront cost of ownership.

The collaboration, which also brings together Citadel Power, Citadel Estates and Zylux International Group, is designed to build an integrated electric mobility ecosystem that combines vehicle supply, charging infrastructure, real estate support and financial services.

At the centre of the partnership is an asset-financing programme through which ReTrust Microfinance Bank will offer consumer loans at competitive interest rates to enable more Nigerians to purchase electric vehicles.

Speaking at the signing ceremony in Lagos, Group Managing Director of Nedcomoaks Group, Dr. Kennedy Okonkwo, said the initiative comes at a time when rising fuel prices continue to increase transportation costs for individuals and businesses.

He said wider adoption of electric vehicles would reduce dependence on petrol and diesel, lower operating costs for motorists and contribute to a more sustainable transport system.

Okonkwo noted that the collaboration leverages the strengths of partners across the automotive, energy, real estate and financial sectors to provide the infrastructure and support needed to accelerate EV adoption in Nigeria.

Managing Director of ReTrust Microfinance Bank, Oladimeji Babatunde, said the bank remains committed to providing flexible financing solutions that will make electric vehicles more accessible to consumers.

According to him, the financing scheme is expected to encourage a gradual shift from ageing fuel-powered vehicles and imported used cars to cleaner and more energy-efficient alternatives.

Also speaking, Group Chief Executive Officer of Zylus Group International, Dr. Tosin Olatujoye, said combining vehicle distribution, charging infrastructure, housing support and consumer finance addresses the key challenges that have slowed EV adoption in Nigeria.

He expressed confidence that the integrated model could become a template for expanding electric mobility across Africa as demand grows for affordable and environmentally friendly transportation..

The partnership comes as Nigeria continues to explore cleaner transport alternatives amid rising fuel losts and increasing government support for electric mobility and other low-emission transport solutions.