In Nigeria’s import-dependent automotive sector, Nord Automobile Limited is driving a shift toward local manufacturing. Founded in 2017, Nord set out to design and build vehicles tailored for Nigerian conditions — but scaling production proved difficult due to limited access to affordable financing.

Enter The Alternative Bank (AltBank), a pioneer in non-interest (Sharia-compliant) banking. Recognizing Nord’s potential, AltBank created a customized financing structure that aligned with both Nord’s business model and ethical principles.

Innovative Financing Structure

AltBank’s support came through:

• A Mezzanine Facility — combining debt and equity, giving Nord flexible access to capital for immediate working capital needs.
• A Musharakah Facility — a partnership-based model that enabled Nord to secure a federal contract to supply 50 CNG-powered buses, boosting its entry into the commercial vehicle and green energy markets.

Beyond Capital: Strategic Partnership

AltBank didn’t stop at funding. By taking an equity stake, it strengthened Nord’s corporate governance and long-term stability. The bank also offered advisory support, helping Nord improve internal systems and operational efficiency.

Tangible Impact

The results have been transformative:

• Expanded local assembly capacity → More affordable, locally made vehicles.
• Reduced dependence on imports → Supporting Nigeria’s industrialization goals.
• Job creation → New opportunities in manufacturing, management, and technology.
• Sustainability push → Promotion of CNG (Compressed Natural Gas) vehicles aligns with national energy transition objectives.

A Model for Inclusive Growth

AltBank and Nord’s collaboration showcases how non-interest financing can catalyze real economic development. By focusing on partnership rather than profit from interest, AltBank helped unlock Nord’s potential — fostering innovation, sustainability, and national self-reliance.