CIG Motors has partnered with Stanbic IBTC Bank to launch a vehicle financing initiative designed to make brand-new cars more accessible to Nigerians.
The scheme, tagged “Vehicle Financing Made Easier,” seeks to reduce the high upfront costs that often prevent individuals and businesses from purchasing new vehicles. It offers flexible repayment structures and faster delivery timelines for customers seeking brand-new cars.
According to CIG Motors, the initiative is also a strategic effort to shift Nigeria’s automotive market from heavy reliance on used vehicle imports to domestically assembled new cars.
Speaking on the partnership, the Chief Operating Officer of CIG Motors, Eniola Olutimilehin, emphasised that mobility plays a critical role in economic productivity.
“Mobility is not a luxury. Mobility is productivity. Mobility is growth across our economy. When businesses can move goods efficiently, they grow faster. When professionals can move reliably, they perform better. And when families can move safely, communities become stronger,” Olutimilehin said.
She added that the new financing structure aims to replace the traditional requirement for large upfront payments with a more accessible system based on affordability and opportunity.
Under the arrangement, customers can acquire vehicles starting from about N3m upward, with financing backed by a monthly interest rate of 2.1 per cent and repayment periods of up to 60 months.
An Executive Director at Stanbic IBTC, Olufunke Amobi, said the partnership aligns with the bank’s commitment to improving mobility and economic opportunities for Nigerians.
“We believe that reliable transportation should not be a distant dream. It should be a dream that comes true easily and practically for every hardworking Nigerian,” Amobi stated.
The initiative also aims to improve the penetration of new vehicles in a market traditionally dominated by used imports.
Head of EasyPay at CIG Motors, Chizom Ekwuatu, said the financing platform specifically targets salary earners, small and medium-scale enterprises, and women entrepreneurs.
“With EasyPay, you can get your vehicle within 7 to 14 days,” Ekwuatu said, highlighting the quick processing timeline for approved applicants.
Similarly, Head of Product at Stanbic IBTC, Taiwo Ala, noted that the collaboration would enhance mobility for customers across the country.
The vehicles financed through the scheme will be processed at the CIG assembly facility in Ikeja, which has a scalable production capacity.
During a tour of the facility, the Head of the Assembly Plant, Pai Govardha, said the plant can produce between 5,000 and 50,000 vehicles annually depending on market demand.
He added that the company has already delivered more than 15,000 vehicles in Nigeria and aims to expand production as demand grows.
Nigeria’s automotive market remains heavily skewed toward used vehicles. Industry estimates indicate that for every brand-new car sold in the country, roughly 131 used vehicles are imported.
Analysts say the new financing partnership could help bridge the affordability gap by shifting consumer focus from total purchase cost to manageable monthly repayments while supporting the goals of the National Automotive Industry Development Plan, which encourages local vehicle production.
