CIG Motors has officially entered a partnership with Stanbic IBTC to launch a revolutionary vehicle financing initiative. The scheme, tagged ‘Vehicle Financing Made Easier’, is designed to dismantle the high entry barriers of upfront capital, offering Nigerians a streamlined path to owning brand-new vehicles with flexible repayment structures and rapid delivery timelines.
This, according to the CIG, is a strategic move to shift the Nigerian automotive market from used imports to brand-new domestic assemblies.
The partnership centres on the belief that accessible transportation is a primary driver of national economic health, as leadership from both organisations emphasised that the initiative is less about luxury and more about empowering the workforce.
“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. That is why this partnership is very important to us,” stated Eniola Olutimilehin, Chief Operating Officer of CIG Motors.
“Today, we are changing that narrative. What was once a conversation about cash upfront payment is now a conversation about access, about opportunity, and about growth,” Olutimilehin continued, noting that the traditional requirement for significant upfront capital has long kept capable individuals and growing businesses on the sidelines.
The financing framework introduces highly competitive terms aimed at middle-income earners and growing businesses, allowing customers to acquire vehicles starting from N3m upward.
The arrangement is backed by a monthly interest rate of 2.1 per cent and a repayment window spanning up to 60 months.
“We believe that reliable transportation should not be a distant dream. It should be a dream, and it should be dreams that come true very easily, in a practical way, for every hard-working Nigerian. And we believe that this collaboration with CIG Motors further affirms this belief,” said the Executive Director at Stanbic IBTC, Olufunke Amobi.
A major objective of the collaboration is to increase the penetration of new vehicles in a market traditionally dominated by pre-owned imports.
Head of EasyPay, Chizom Ekwuatu, pointed out that new vehicle penetration remains low due to funding challenges, which the EasyPay scheme addresses by focusing specifically on salary earners, SMEs, and women.
“With EasyPay, you can get your vehicle within 7 to 14 days,” Ekwuatu confirmed, emphasising the speed of the new system.
This sentiment was echoed by Head of Product at Stanbic, Taiwo Ala, who remarked that “the partnership has brought succour to customers in enhancing mobility in the country.”
The vehicles under this scheme are processed through the CIG assembly facility in Ikeja, Lagos, which boasts a scalable production capacity.
During a facility tour, Head of the Assembly Plant, Pai Govardha, assured stakeholders of the quality and readiness of the infrastructure.
“The CIG assembly facility in Nigeria has the capacity to do 5,000 to 50,000 vehicles yearly, depending on the market demand, and we are determined to do more. We are committed to seeing people driving brand new vehicles in Nigeria, hence the need for this partnership. CIG vehicles have delivered over 15,000 vehicles to Nigeria over the years,” Govardhan concluded.
Nigeria’s automotive market is historically lopsided. Current industry data suggests that for every brand-new car sold in Nigeria, roughly 131 used vehicles are imported. Most Nigerians rely on the used market because brand-new vehicles require high upfront costs that often exceed the annual savings of middle-class earners.
This partnership is a direct attempt to bridge that gap by offering a 60-month or five-year repayment window, shifting the focus from “total cost” to “monthly affordability.
With an installed capacity of up to 50,000 units annually, CIG is positioning itself to support the National Automotive Industry Development Plan, which encourages local production over foreign imports.”
