LAGOS, Nigeria (VOICE OF NAIJA)-Nigeria’s ethical banking institution, The Alternative Bank, has entered into a groundbreaking agreement with the Niger State government valued at N14 billion.
The deal aims to finance the provision of 5,000 electric tricycles to enhance social impact, empower youth, stimulate business growth, and promote economic prosperity in the state.
According to a statement from the bank on Sunday, the deal will allow the state government, via its ministries of Transportation, Youth, Women Affairs, and Small and Medium Enterprises, to procure the tricycles, lease them to beneficiaries, set up an assembly and maintenance plant, and train local youths as mechanics for the tricycles.
Additionally, charging and battery swap stations for the electric tricycles will be installed at strategic locations including schools, hospitals, and markets throughout major towns in the state.
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Governor Mohammed Bago of Niger State stated that this agreement is a significant step toward the state’s economic advancement and its goal of becoming a ‘green’ state.
At the deal-signing ceremony, the Executive Director of The Alternative Bank, Garba Mohammed, said, “This project, as conceived, will provide solutions to aid the economic involvement of the women, youth and small businesses by generating commercial value for the people and the government, safeguarding the environment through the use of renewable and sustainable energy sources as a driver of transportation with the great state of Niger.”
“This will be the single largest delivery of electric vehicles across the country, and on the African continent,” Mohammed added.
This deal comes on the heels of the Alternative Bank’s recent delivery of 120 electric tricycles to the Mata Zalla and Yar Baiwa cooperatives in Kano State aimed at enhancing economic inclusion and independence for the women, increasing transportation options for residents of the metropolis, reducing transportation costs within the vicinity due to the energy cost efficiency of the electrically powered, improved security and safety for female commuters within the region.