Tavet Motion EV Founder Raises Concern Over Bank Bias Against Made-in-Nigeria Vehicles

Founder of Tavet Motion EV and Nord Automobiles Limited, Oluwatobi Ajayi, has raised serious concerns about what he described as institutional bias and economic sabotage against Nigerian vehicle manufacturers, following a commercial bank’s refusal to finance locally made cars.

In a statement shared on X (formerly Twitter), Ajayi narrated how a client in the oil and gas sector approached the company to purchase two units of the Nord Max pickup after being impressed with the vehicle’s performance. However, the deal hit a roadblock when the client’s bank reportedly declined to provide financing, claiming it does not fund Made-in-Nigeria vehicles — instead recommending foreign brands.

“To my shock, my team told me that the bank said they do not finance Made-in-Nigeria vehicles and even suggested foreign brands,” Ajayi revealed. “The most provocative part is that these same brands identify as Made-in-Nigeria in filings with the Bureau of Public Procurement.”

Ajayi described the incident as another example of the systemic hurdles faced by local manufacturers, calling it counterproductive to the Federal Government’s industrialization goals and President Bola Tinubu’s $1 trillion economy vision.

“We are working very hard to produce world-class vehicles, but some banks, who should be credit facilitators, are displaying open prejudice against locally made vehicles,” he said. “Every time we deny support for local production, we export jobs, skills, and economic growth that should belong here.”

The entrepreneur, whose brands Tavet Motion EV and Nord Automobiles are championing Nigeria’s transition to sustainable mobility, emphasized that the goal is not just business but nation-building through innovation, job creation, and manufacturing excellence.

“Many of us who continue to assemble and manufacture vehicles here do so not just for profit, but out of patriotism and belief in the long game. The support for Made-in-Nigeria must be real — in policy, in finance, and in action,” he added.

Tavet Motion, the electric vehicle arm of Nord Automobiles, recently unveiled three Nigeria-assembled EV models — Luto, Garent, and Vant — as part of efforts to drive Africa’s shift toward clean, homegrown mobility solutions.

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A business owner in the oil and gas sector approached us that he would like to buy two units of the @nordmotion Max pickup for his company. Apparently, he was impressed with the vehicle after some rides with his peers in the sector.

To my shock, yesterday, my team told me that…

— Ajayi Oluwatobi (@OluwatobiAjayiJ) November 11, 2025