Sterling Bank signs auto finance deal with Innoson Motors for customers

Sterling Bank says it has entered into partnership with Innoson Motors to finance the purchase of locally made vehicles produced by the company for the bank’s customers.
In a statement on Monday in Lagos, the bank said the partnership was in line with the plan of the Federal Government on the economy.
The bank’s Executive Director, Finance & Strategy, Mr Abubakar Suleiman, was quoted as saying the bank took the step to champion the use of locally manufactured goods and services.
“The partnership agreement, which was signed in Nnewi, Anambra, is to provide auto finance to prospective customers willing to acquire any brand of Innoson Motor vehicles.
“The country’s dependence on oil exports for foreign exchange and the global oil sector, downturn driven by the falling oil price, has led to near economic recession in the country.
“This has negatively impacted other sectors with prices of imported products rising significantly.
“For the country to navigate the current headwinds, there is an urgent need to diversify the economy and empower the manufacturing sector of the country.
“But local manufacturers will not thrive if they are not patronised by Nigerians. This is why we have entered this partnership with Innoson,” Suleiman said.
Innoson Vehicle Manufacturing Company (IVM) is the premiere private vehicle manufacturing company in Nigeria.
The indigenous company, headquartered in Nnewi, Anambra, was established in 2014 and is producing several range of vehicles from trucks, SUVs to mini-buses.