Nigerian Banks Are Starting to Finance EVs

The Price Tag Problem

Stand inside the BYD showroom on Victoria Island, Lagos. A salesperson walks you past the Dolphin, glossy and compact, priced at somewhere between N22 million and N25 million. The ATTO 3 sits behind it at approximately N42 to N55 million (confirm with LOXEA for current pricing). You are doing the maths in your head, and the maths are not comfortable. That is not school fees money. That is not generator maintenance money. That is a serious commitment, and you do not have it liquid.

For most Nigerian buyers, the biggest barrier to going electric has never been range anxiety or charging infrastructure. It has been access to financing at a rate that does not wipe out the savings an EV is supposed to deliver. That calculation is starting to shift.

The Two Banks That Have Actually Committed

Stanbic IBTC Bank plus LOXEA Nigeria

In October 2025, Stanbic IBTC Bank and LOXEA Nigeria, the official BYD distributor and a subsidiary of CFAO Mobility, announced a formal EV financing partnership at the BYD showroom in Victoria Island. This is the first confirmed, dedicated EV financing alliance from a Nigerian commercial bank. The launch featured vendor discounts and reduced interest rates on vehicle financing for BYD Dolphin and ATTO 3 buyers, though the specific rate numbers were not publicly disclosed.

Olu Delano, Executive Director of Stanbic IBTC Bank, said at the launch: "This alliance underscores our dedication to empowering Nigerians with green alternatives that offer practical, cost-effective solutions."

For buyers going through the standard Stanbic IBTC Vehicle and Asset Finance product, the confirmed terms are: a minimum 10% equity contribution of the asset value, repayment tenors of up to 5 years, and a requirement to hold a Stanbic IBTC account with a proforma invoice from the dealer.

Jaiz Bank: The Shariah-Compliant Route

In August 2025, Jaiz Bank, Nigeria's pioneer non-interest bank, launched a Shariah-compliant EV financing product. The structure is straightforward: the bank buys the vehicle and sells it to you at a disclosed profit margin, with payments in installments. No riba is charged at any point. This is a meaningful development for Muslim buyers who have had limited access to formal vehicle financing under Islamic principles.

Jaiz remains the only confirmed non-interest EV financing option in Nigeria as of April 2026.

What About First Bank, GTB, and Zenith?

As of April 2026, no dedicated EV or green vehicle loan product from First Bank, GTBank (GTCO), or Zenith Bank has been publicly confirmed. What they do have are standard automobile loan products that you can use to buy an EV.

Here is what those general products look like:

• First Bank automobile loan: Maximum of N20 million, up to 48 months, requires a 30% down payment of the vehicle invoice value. Available only to salaried customers with a First Bank salary account. For new vehicles only.
• GTBank MaxAdvance: Up to N50 million repayable over 60 months. No dedicated EV product confirmed on their website as of April 2026.
• Access Bank vehicle finance: Interest rate of 22% per annum per their published loan calculator. In February 2026, Access Bank also unveiled a 90% vehicle financing scheme in partnership with Elizade JAC Motors, requiring only a 10% equity contribution, with repayment up to 48 months. Open to salary earners, SMEs, and corporates, with processing in up to 72 hours. No EV-specific designation on this scheme has been confirmed.
• Sterling Bank vehicle and asset finance: Up to N60 million for car purchases, available to salary earners and businesses.

The practical reality: any of these products can technically finance an EV purchase if the bank approves the vehicle. But you are not getting a preferential EV rate from these institutions today. You are getting their standard auto loan terms.

The Interest Rate Problem, and One Government Answer

Commercial bank auto loan rates in Nigeria currently run 18% to 28% per annum for prime borrowers, and can exceed 30% for non-prime customers. The CBN cut its Monetary Policy Rate to 26.50% in February 2026, down from 27% in November 2025. Rates are high, and that is a real constraint.

The most attractive financing rate currently available comes not from a commercial bank but from government. CREDICORP, the Nigerian Consumer Credit Corporation, partnered with NADDC in December 2024 to launch a N20 billion automobile consumer credit fund targeting a 9% per annum interest rate. That rate is available for locally assembled vehicles, which includes EVs from Nigerian manufacturers such as NEV and Jet Motor Company. The scheme targets federal and state civil servants in its first phase and aims to reach 1 million beneficiaries. Individual access runs up to N2 million interest-free under the consumer credit component, with vehicle loans structured separately at the 9% S.C.A.L.E rate.

If you are a civil servant and open to a locally assembled EV, this is the lowest financing rate in the market today.

Do the Numbers Work?

Nigerian interest rates are punishing right now. But EVs carry a structural cost advantage that compounds over time. Here is what the gap looks like at 15,000 km per year:

Cost category	EV (per year)	Petrol car (per year)
Energy cost at 15,000 km (41.9 N/km vs 70-100 N/km)	N628,500	N1,050,000 to N1,500,000
Maintenance (oil changes, spark plugs, brakes)	N50,000 to N100,000	N150,000 to N300,000
Combined annual savings from going electric	N421,500 to N871,500 per year

Over a 4-year loan period, those savings add up to between N1.7 million and N3.5 million. For a buyer financing a BYD Dolphin at N22 million with a 22% per annum rate and 10% down, the interest burden is real, but the operating savings partially offset it month by month. The EV breakeven point versus a comparable petrol car is estimated at 3 to 5 years when fuel and maintenance savings are both counted.

The numbers are tight at today's rates. They are not impossible. Particularly if you are currently feeding both a fuel tank and a generator every week.

What the Legislation Could Change

Nigeria's Senate passed the Electric Vehicle Transition and Green Mobility Bill 2025 for second reading on November 5, 2025. If it becomes law, the bill proposes import duty waivers, VAT exemptions, road tax reliefs, toll exemptions, and subsidies for EV buyers and infrastructure investors. It also mandates that every fuel outlet must install an EV charging station.

Import duties currently represent approximately 70% of the landed cost premium on EVs in Nigeria. A genuine waiver would meaningfully lower EV sticker prices and make the financing maths more favorable. The bill is not yet law, and timelines for passage are uncertain. But it is moving.

What You Should Do

• If you want EV-specific terms today: Contact Stanbic IBTC Bank directly and ask about the LOXEA BYD financing package. This is the only confirmed commercial bank partnership with preferential EV terms. Bring a proforma invoice from the LOXEA showroom on Victoria Island.
• If you are a Muslim buyer: Jaiz Bank's Shariah-compliant EV financing has been live since August 2025. Call their retail banking team and ask specifically about the EV product.
• If you are a civil servant open to a Nigerian-assembled EV: Inquire with CREDICORP and NADDC about the S.C.A.L.E scheme. A 9% rate is the best available in Nigeria right now for any vehicle financing.
• If you plan to use a standard auto loan: Compare Access Bank (22% per annum, 10% down, 90% financing) with Stanbic IBTC (10% down, up to 5 years) and Sterling Bank (up to N60 million). Run the repayment numbers against your expected fuel and maintenance savings before you sign anything.
• Watch the EV Transition Bill: If duty waivers pass into law, EV prices drop and the financing picture improves significantly. Monitor TechCabal and BusinessPost for updates.

It is no longer a dead end. ChargeWay can show you which EVs fit within specific loan brackets and help you find the right vehicle for your budget and driving pattern.

What These Cost on ChargeWay

You do not have to navigate the import process alone. ChargeWay sources quality tested used EVs direct from China at wholesale pricing. Every vehicle is properly inspected before it ships. Here is what you could pay right now:

Model	FOB Price	Est. Landed Price	Range
BYD Seagull	$10,000	~N18,500,000	305 km
Neta V	$12,000	~N22,000,000	380 km
BYD Dolphin	$16,000	~N28,000,000	427 km

These are estimated wholesale prices for quality tested vehicles, shipped direct from China. No middleman markup, no dealer premium. Final prices depend on current exchange rates at time of order. Visit chargeway.africa/cars for live pricing and available stock.