LOTUS Bank has partnered with the Presidential Initiative on CNG & EV (Pi-CNG) to support the Federal Government’s drive to reduce transportation costs and expand the use of compressed natural gas (CNG) and electric vehicles (EVs) across Nigeria.
The partnership was announced during the launch of the Northern Corridor of the CNG and EV Programme held in Kano State, as the government continues efforts to promote cleaner and more affordable transport alternatives for Nigerians.
The initiative is part of a broader national strategy aimed at reducing dependence on petrol, lowering logistics costs, and expanding access to sustainable transportation infrastructure nationwide.
Speaking at the event, the Deputy Chief of Staff to the President, Ibrahim Hadeja, who represented Vice President Kashim Shettima, said transportation remains one of the biggest factors affecting the Nigerian economy and the cost of living.
“Transportation costs affect everything: food prices, manufacturing, logistics, and ultimately the lives of ordinary Nigerians. This initiative is not just an energy policy. It is an economic strategy for national growth,” Hadeja said.
Under the partnership, LOTUS Bank will provide financing support across different parts of the CNG value chain. This includes support for integrated energy hubs, vehicle conversion projects, clean mobility asset acquisition, fleet conversion, and infrastructure development for businesses and institutional operators.
The Managing Director and Chief Executive Officer of LOTUS Bank, Dr Isiaka Ajani-Lawal, said the bank is focused on financing projects that deliver long-term economic value while supporting Nigeria’s transition to cleaner energy solutions.
“At LOTUS Bank, we believe sustainable finance must go beyond banking transactions to creating meaningful impact within communities and sectors critical to national growth,” Ajani-Lawal said through the bank’s Regional Head, Northeast and Northwest, Nazif Ibrahim.
“Our collaboration with Pi-CNG & EV reflects our commitment to ethical financing, infrastructure development, energy transition, and inclusive economic growth,” he added.
Ajani-Lawal also noted that the bank recently participated in renewable energy financing projects linked to the Rural Electrification Agency (REA), including a N100 billion renewable energy financing initiative targeted at expanding clean energy access and infrastructure development in Nigeria.
Pi-CNG disclosed that over 250,000 vehicle conversions have already been completed nationwide, while conversion centres have increased from seven to more than 350 locations within 18 months.
The agency also revealed that the programme has attracted more than $2 billion in private sector investment commitments as Nigeria pushes to scale adoption of CNG and EV transportation systems nationwide.
