Category: Markets & Finance

LAGOS, Nigeria (NPA) — Access Bank Plc has unveiled a vehicle financing initiative aimed at making car ownership more affordable and accessible for individuals, small businesses and corporate organisations across Nigeria.

The initiative, tagged Access Auto Fest, is being implemented in partnership with leading automobile distributors, including CFAO, CIG Motors, Elizade, Kewalram Chanrai Group, Mikano Motors Division and Stallion.

Speaking at the launch in Lagos, Executive Director of Corporate and Investment Banking at Access Bank, Iyabo Soji-Okusanya, said the programme was designed to remove financial barriers that prevent many Nigerians from owning vehicles.

According to her, mobility remains a key driver of productivity, commerce and economic participation.

“At Access Bank, we see mobility as more than transportation. It is productivity, commerce, inclusion and economic participation,” she said.

“This conviction is the foundation of Access Auto Fest and our broader vehicle asset financing initiative. Our proposition is simple and powerful: convert aspiration into ownership.”

Soji-Okusanya disclosed that customers can access financing of up to 90 per cent of a vehicle’s value with a minimum equity contribution of 10 per cent.

She added that credit decisions would be delivered within 72 hours through a fully digital application process.

The bank said the platform allows customers to select either new or certified pre-owned vehicles, secure financing and complete the purchase process seamlessly.

Group Head of Access Bank Mobility, Ishmael Nwokocha, said the initiative was developed to bring together vehicle buyers, dealers, financiers, insurers and relevant government agencies on a single platform.

He noted that successful applicants would receive their vehicles and documentation within 72 hours after meeting the required conditions.

According to Nwokocha, the scheme caters to individuals, Small and Medium Enterprises (SMEs) and corporate organisations, including businesses seeking fleet acquisition solutions.

Also speaking, Head of Retail Banking at Access Bank, Olumide Olatunji, said the programme is available nationwide and is designed to simplify vehicle ownership for both individuals and businesses.

Managing Director of CIG Motors, Eniola Olutimilehin, described the partnership as a major step towards making vehicle ownership easier, faster and more affordable for Nigerians.

Representatives of CFAO, Elizade, Kewalram Chanrai Group, Mikano Motors Division and Stallion also highlighted the benefits of the initiative to vehicle buyers and the wider automotive industry.

Responding to questions from journalists, Group Head, Products and Segments at Access Bank, Chizoba Iheme, said the financing scheme covers both new and certified pre-owned vehicles.

She added that customers experiencing repayment difficulties would have access to loan restructuring options.

Iheme noted that the programme is open to individuals, SMEs, schools, hospitals and corporate organisations requiring vehicles for operational purposes.

LAGOS, Nigeria (Agency Report) — The African Export-Import Bank (Afreximbank) has invested approximately $83 billion in Nigeria since its establishment, with a significant portion of the funding channelled into projects in Lagos, as the state strengthens its position as a leading hub for trade, investment, and industrialisation in Africa.

The disclosure was made at the Invest Lagos 3.0 Summit held in Lagos, where government officials, investors, development finance institutions, and business leaders explored opportunities for economic growth under the African Continental Free Trade Area (AfCFTA).

Speaking at the summit, the Executive Vice-President of Afreximbank, Kanayo Awani, said the bank remains committed to supporting investments that drive industrialisation and economic transformation across the continent.

Awani, who was represented by Dr Gainmore Zanamwe, Director of Trade Facilitation and Investment Promotion at Afreximbank, said Lagos has emerged as a strategic gateway to African markets.

According to her, the bank’s decision to support initiatives aimed at expanding trade and investment opportunities in Lagos was straightforward given the state’s economic importance.

“We did not need to think twice,” she said.

Awani noted that Afreximbank has invested heavily in industrial parks and special economic zones across Africa to reduce barriers to investment through the provision of critical infrastructure, including roads, power, and transport networks.

She cited projects in Benin Republic and Gabon as examples of how targeted industrial investments can boost local value addition, stimulate manufacturing, and create employment opportunities.

“Lagos is in that position of a gateway to Africa,” she said.

The Afreximbank executive also highlighted the bank’s support for the Dangote Refinery project, describing it as a demonstration of the transformative impact of investment-led industrial development.

A major highlight of the summit was the announcement that Lagos will host the next Intra-African Trade Fair (IATF), one of the continent’s largest trade and investment events.

The Secretary-General of AfCFTA, Wamkele Mene, described Lagos as a critical centre for commerce and industrialisation on the continent.

“Lagos is indeed the gateway to the African market,” Mene said.

He disclosed that 50 African countries are currently implementing the AfCFTA framework, while intra-African trade has grown to approximately $230 billion.

According to him, Nigeria now exports more goods to African markets than to any other region of the world, reflecting the growing benefits of continental economic integration.

Mene said the forthcoming trade fair is expected to attract major investment commitments and commercial transactions from across Africa and beyond.

Also speaking at the summit, Commonwealth Secretary-General Shirley Botchwey said global investors increasingly prioritise markets that offer stability, talent, trust, and long-term growth prospects.

“That is why Lagos matters,” she said.

Botchwey described Lagos as a commercial powerhouse, logistics hub, and cultural centre that exemplifies Africa’s economic potential.

She urged governments and businesses to convert emerging opportunities into jobs, infrastructure development, innovation, and inclusive economic growth.

“Lagos is not simply a city of potential. It is a city of proof,” she added.

Meanwhile, the Minister of Aviation and Aerospace Development, Festus Keyamo, said Lagos remains Nigeria’s foremost aviation gateway, accounting for about 67 per cent of international passenger traffic into the country.

According to him, the state’s strategic location positions it as a natural aviation hub connecting Africa with Europe, the Middle East, and South America.

Keyamo disclosed that the Federal Government is investing $500 million in the modernisation of the Murtala Muhammed International Airport, Lagos.

He also revealed plans to extend a rail line to the airport in collaboration with the Lagos State Government to improve connectivity and ease passenger movement.

“Lagos is just ready for the next big step,” the minister said.

Stakeholders at the summit agreed that Lagos remains central to Nigeria’s economic future and is well-positioned to deepen regional trade, attract global capital, and strengthen its role as one of Africa’s leading business and investment destinations.