Access Bank Plc has introduced a new vehicle financing program that allows Nigerian consumers to acquire cars with a deposit of just 10% of the purchase price.
The initiative, branded as AutoFest, aims to reduce the high upfront costs that have historically constrained auto ownership in the country.
6% in 2026. This growth trajectory is being supported by improved fuel availability and lower operating costs, largely attributed to the operational ramp-up of the Dangote Refinery.
By lowering the initial capital requirement, the bank seeks to stimulate demand in a market where vehicle prices remain elevated relative to average incomes.
The move comes as Nigeria's automotive sector is poised for expansion.
Industry forecasts indicate that new vehicle sales in Nigeria are projected to grow by 7.6% in 2026.
This growth trajectory is being supported by improved fuel availability and lower operating costs, largely attributed to the operational ramp-up of the Dangote Refinery.