Nigerian Sinotrucks, Sterling Bank partner to expand vehicle financing in Nigeria

Collaboration targets vehicle acquisition barriers, strengthens commercial mobility and seeks to improve access to transportation assets for businesses and individual

Nigerian Sinotrucks Limited and Sterling Bank Limited have entered into a strategic partnership aimed at improving access to vehicle financing and expanding mobility solutions for individuals and businesses across Nigeria.

The collaboration, formalised through a Memorandum of Agreement (MoA), is designed to address financing constraints that often make vehicle acquisition difficult, particularly for businesses that depend on commercial transportation and logistics.

Under the arrangement, Nigerian Sinotrucks will leverage its vehicle manufacturing, assembly and distribution capabilities, while Sterling Bank will bring its financial services expertise to support customers seeking to acquire vehicles.

Speaking at the agreement signing, Managing Director of Nigerian Sinotrucks Limited, Alfred Okugbeni, said the partnership was driven by the need to combine vehicle supply with accessible financing options.

He noted that access to reliable vehicles and appropriate financing were both essential to improving business productivity, logistics operations and economic opportunities.

According to Okugbeni, the collaboration is intended to help individuals and businesses overcome capital constraints associated with acquiring commercial vehicles.

Nigerian Sinotrucks, incorporated in 2012, is a wholly Nigerian-owned vehicle manufacturer and assembler, as well as an authorised distributor of Sinotruk products in Nigeria. It received Federal Government recognition as a vehicle assembler in January 2015.

Its product range includes HOWO tractor heads, dump trucks, tippers, cargo trucks, tankers and specialised commercial vehicles. The company has also introduced CNG- and LNG-powered trucks, alongside Sitrak electric commercial vehicles.

The company provides additional services covering vehicle maintenance, genuine spare parts, after-sales support and technical training for drivers and mechanics.

For Sterling Bank, the partnership forms part of its strategy of working with businesses to develop financial solutions around specific economic needs.

A bank representative said the arrangement would connect customers seeking vehicle ownership with financing solutions, while supporting the broader transportation ecosystem.

The agreement is expected to create opportunities across logistics, manufacturing, construction, distribution and other sectors that rely heavily on commercial transportation.

However, the financial terms, eligibility requirements, interest rates and specific financing products under the arrangement were not disclosed at the signing ceremony.

Both organisations expressed their commitment to translating the agreement into practical benefits for customers, although the actual impact will depend on the financing arrangements and their accessibility to prospective vehicle buyers.

The partnership marks another collaboration between the financial services and automotive sectors aimed at addressing the cost and accessibility challenges associated with vehicle ownership in Nigeria.