Federal Govt, LOTUS Bank Back Northern Corridor CNG, EV Rollout To Lower Transport Costs

The federal government and LOTUS Bank have backed the launch of the Northern Corridor of the Presidential Initiative on CNG & EV (Pi CNG & EV) in Kano, describing the rollout as a measure to reduce transportation costs, strengthen energy security, and promote cleaner mobility.

LOTUS Bank entered into a partnership with Pi-CNG & EV during the launch of the Northern Corridor of the Compressed Natural Gas (CNG) and Electric Vehicle (EV) Programme on Thursday in Kano, Kano State.

The government’s initiative is designed to accelerate the adoption of cleaner, more affordable, and sustainable mobility alternatives by expanding CNG and EV infrastructure nationwide.

Speaking at the event, the deputy chief of staff to the president, Ibrahim Hadeja, who represented Vice President Kashim Shettima, described the initiative as a critical economic strategy aimed at reducing transportation costs, strengthening energy security and improving the lives of Nigerians.

He said: “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.”

As part of the collaboration framework, LOTUS Bank is supporting the development of financing solutions across the CNG value chain, including integrated energy hubs, clean mobility asset acquisition, fleet conversion and infrastructure financing for businesses and institutional participants within the ecosystem.

In his remarks, the bank’s managing director-CEO, Dr Isiaka Ajani-Lawal, stressed that LOTUS Bank remained fully committed to supporting transformative and sustainable initiatives capable of delivering long-term economic and social impacts on Nigerians and the nation’s economy.

The banker, who was represented by the bank’s regional head, Northeast and Northwest, Nazif Ibrahim, assured: “At LOTUS Bank, we believe sustainable finance must go beyond banking transactions to creating meaningful impact within communities and sectors critical to national growth.

“Our collaboration with Pi-CNG & EV reflects our commitment to ethical financing, infrastructure development, energy transition and inclusive economic growth. We are proud to support initiatives that provide affordable alternatives capable of improving livelihoods while advancing Nigeria’s sustainability objectives”, Ajani-Lawal added.

According to him, the collaboration with the Pi-CNG & EV team further strengthens LOTUS Bank’s growing position within Nigeria’s sustainability and developmental finance landscape.

Ajani-Lawal recalled that recently, the bank played a role in supporting financing initiatives within Nigeria’s renewable energy and infrastructure ecosystem through engagements connected to the Rural Electrification Agency (REA), including the signing of a N100 billion renewable energy financing initiative, aimed at expanding clean energy access and sustainable infrastructure development in the country.

Meanwhile, the Pi-CNG & EV has already catalysed over 250,000 vehicle conversions nationwide, expanded conversion centres from 7 to over 350 locations within 18 months, and attracted over US$2 billion in private-sector investment commitments from key industry players.