Sterling Bank Supports Made–in-Nigeria Initiative

Sterling Bank Supports Made–in-Nigeria Initiative

Nume Ekeghe
In a bid to support the growth and development of the Nigerian economy, Sterling Bank Plc has announced a partnership with Nigeria’s premier automobile manufacturer, Peugot Automobile Nigeria.

With this, the auto firm is to deliver 50 made-to-order vehicles for official use across the bank’s locations nationwide.
Sterling Bank said it teamed up with the Kaduna-based car maker to customise the vehicles based on its understanding of the Nigerian terrain as well as required mode of usage.

“Following our strategic drive as a bank to focus on impacting the critical sectors of the Nigerian economy, we had to evaluate every aspect of our business transactions to ensure we were doing same to support the growth of the economy.

“By acquiring our company pool cars from a local manufacturer, we ensured that not only will the funds circulate within Nigeria, the impact of the partnership will equally boost our local manufacturing sector to provide jobs and improve the skills of people participating in that sector,” the bank’s Chief Operating Officer, Raheem Owodeyi, was quoted to have said in in a statement.

“We see this partnership as a game changer and one that will influence the perception people have about locally manufactured vehicles as the procured vehicles will be deployed in all our branches nationwide,” the Head, General Internal Services at Sterling Bank, Adebomi Adewale explained.

“It is also the first time a bank in Nigeria will look beyond the short term gains of patronising affordable foreign based manufacturers to the impact of its dealings on the wider economy,” he argued.

In addition, the bank also signed a fleet maintenance agreement with Peugot Automobile Nigeria which would see the car maker carry out routine maintenance on the vehicles, to ensure utilisation of the fleet to optimum capacity over a three-year period.

“When the Sterling Bank team approached us, they were specific on the kind of vehicles they wanted and the impact they wanted to make in the society, which made it easy for us to design vehicles with the right kind of efficiencies and an understanding of the locations in which the cars will be used,” the Managing Director at Peugot Nigeria, Ibrahim Boyi said.

“We are certain this is beyond a one-off procurement deal but a partnership that will set the standards on how company cars should be used and maintained,” Boyi added.
Earlier in the year, Sterling Bank had announced a commitment to adopt renewable and cleaner sources of energy with a commitment to reducing diesel powered energy generation across its branches by 50 per cent at the end of 2020.

“The bank believes that the addition of low emission vehicles to its fleet will go a long way in reducing its carbon footprint by year end 2020.
“While partnering with a local manufacturer will improve the economy, the fleet maintenance agreement will also ensure skills acquisition in the real sector and a reduction in Nigeria’s unemployment rates,” the statement added.

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