Sinotrucks, Sterling Bank partner to ease vehicle financing

Nigerian Sinotrucks Limited has partnered with Sterling Bank Limited to expand access to vehicle financing with the aim of helping businesses and individuals overcome the high cost of acquiring commercial vehicles in Nigeria.

The partnership, formalised through a Memorandum of Agreement (MoA), brings together the commercial vehicle manufacturing and distribution capabilities of Nigerian Sinotrucks with Sterling Bank’s financing capacity.

The companies said the collaboration would provide customers with more accessible financing options for vehicle acquisition while strengthening Nigeria’s commercial transport and logistics ecosystem.

Speaking at the signing ceremony in Lagos, Managing Director, Nigerian Sinotrucks Limited, Alfred Okugbeni, said the partnership was designed to address the financing gap that often prevents businesses from acquiring vehicles required for their operations.

“Access to reliable vehicles is only one part of the mobility equation. Access to appropriate financing is equally important. Our partnership with Sterling Bank is a deliberate effort to bridge that gap and create greater opportunities for individuals and businesses to acquire the vehicles they need to grow,” Okugbeni.

“When mobility and finance work together, the benefits extend beyond vehicle ownership. They translate into stronger businesses, improved logistics, greater productivity and wider economic opportunities,” he said.

The partnership comes as operators across Nigeria’s haulage, logistics, construction, manufacturing and distribution sectors contend with rising vehicle acquisition and operating costs.

For commercial vehicle operators, access to financing has remained a major barrier to fleet expansion and renewal, particularly as businesses seek newer and more fuel-efficient vehicles to reduce operating costs.

Sterling Bank said the collaboration was part of its broader approach to using strategic partnerships to provide financial solutions linked to real economic activities, including transportation and mobility.