Sterling Bank seals auto finance deal

In line with the plan of the federal government to diversify the economy occasioned by the declining revenue generated from crude oil exports, Sterling Bank has taken a bold step to champion the use of locally manufactured goods and services by going into partnership with Innoson Motors to finance the purchase of locally made vehicles produced by the company.

According to the partnership agreement signed between the Bank and Innoson Motors Limited last weekend in Nnewi, Sterling Bank will provide Auto Finance to prospective customers willing to acquire any brand of Innoson Motor Vehicles.

The Bank’s Executive Director, Finance & Strategy, Abubakar Suleiman in a statement issued at the weekend explained that the partnership was informed by the current economic headwinds and exchange rate volatility fueled by the fall in oil price which brought to the fore, the need to diversify the nation’s revenue base and support the manufacturing sector through the patronage and use of locally made products and services.

His words: “The country’s dependence on oil exports for foreign exchange and the global oil sector downturn driven by the falling oil price has led to near economic recession in the country and has negatively impacted other sectors with prices of imported products rising significantly.

“For the country to navigate the current headwinds, there is an urgent need to diversify the economy and empower the manufacturing sector of the country. But local manufacturers will not thrive if they are not patronized by Nigerians. This is why we have entered this partnership with Innoson.”

Innoson Vehicle Manufacturing Company (IVM) is the premiere private vehicle manufacturing company in Nigeria. The indigenous company, headquartered in Nnewi, Anambra state, was commissioned in 2014 and has since gone on to produce several range of vehicles from Trucks, SUVs to mini-buses.