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The Alternative Bank, Nigeria's ethical banking institution, has recently inked a groundbreaking agreement with the Niger State government valued at N14bn.
The deal aims to fund the acquisition of 5,000 electric tricycles, with the goal of driving social impact, empowering youth, fostering business growth, and boosting economic prosperity within the state.
According to a statement released by the bank on Sunday, the agreement will involve the state government's ministries of Transportation, Youth, Women Affairs, and Small and Medium Enterprises in procuring the tricycles, leasing them to beneficiaries, establishing an assembly and maintenance plant, and providing training for state youths to become mechanics servicing the tricycles. Additionally, charging and battery swap stations for the electric tricycles will be strategically installed at locations such as schools, hospitals, and markets across major towns in the state.
Niger State Governor, Mohammed Bago, expressed that the agreement marks a significant step towards advancing the state's economic potential and transforming Niger into an environmentally sustainable state.
During the signing of the agreement, Garba Mohammed, the Executive Director of The Alternative Bank, stated, "This initiative aims to empower women, youth, and small businesses by creating economic opportunities and promoting the use of renewable energy for transportation, thus contributing to the economic and environmental well-being of Niger State."
Mohammed also emphasized that this initiative will result in the largest deployment of electric vehicles in the country and on the African continent.
The recent agreement follows the Alternative Bank's delivery of 120 electric tricycles to the Mata Zalla and Yar Baiwa cooperatives in Kano State.
The initiative aims to promote economic inclusion and independence for women, expand transportation choices for residents, decrease transportation expenses due to the energy efficiency of the electrically powered vehicles, and enhance safety for women commuters in the region.
