LAGOS, Nigeria – In a significant boost for Nigeria’s manufacturing sector, The Alternative Bank (AltBank) has provided a specialized non-interest financing package to Nord Automobile Limited, empowering the local automaker to scale production and reduce the nation’s reliance on imported vehicles.
The deal, finalized this week, includes a Mezzanine Facility to address Nord’s working capital needs and a Musharakah partnership, which has already enabled the company to secure a contract to supply 50 Compressed Natural Gas (CNG) buses to a federal government agency.
“This partnership is a testament to the power of ethical finance in building real sectors of the economy,” said an AltBank spokesperson. “We are not just providing funds; we are investing in Nigeria’s industrial future.”
Established in 2017, Nord has faced challenges scaling its operations to meet growing demand for its affordable, locally assembled vehicles. The capital infusion from AltBank is expected to directly increase production capacity, create new jobs, and make their vehicles more accessible to Nigerian consumers.
The move aligns with the government’s push for local content and economic diversification, signaling a potential new road for the country’s auto industry.
