Nigeria’s EV push hinges on financing, infrastructure – Executives

Nigeria’s electric vehicle market risks stalling unless the government, private sector, and financial institutions step up support, industry executives warned at the country’s first Electric Vehicle Nigeria Expo and Conference.

The Lagos conference, which was held recently, brought together policymakers, manufacturers, ride-hailing operators, and investors to discuss strategies for scaling EV adoption.

“The exhibition was organised to deepen conversations around co-creation and collaboration as Nigeria faces evolving transportation challenges following the removal of fuel subsidy,” the convener of the EV.N Expo and Conference, Abiola Adekoyejo, said.

Africa’s most populous nation is experiencing rising fuel prices following the removal of fuel subsidies in 2023, creating both demand for alternatives and pressure on the transport sector to adopt cleaner, cost-effective solutions.

With the right incentives and government interventions, executives said the e-mobility sector has the potential to support the country’s push for a resilient and sustainable economy.

Keynote speaker and Chairman/CEO of SAGLEV INC, Sam Faleye, who delivered a presentation on “E-mobility as an Alternative Source for Revenue Generation”, stressed that Nigeria must seize the opportunity presented by the global shift towards electric vehicles.

The executive urged stakeholders to develop financing models, policy incentives, and partnerships to scale EV adoption, local manufacturing, and charging infrastructure.

“Nigerians cannot afford to ignore the market that EVs create,” Faleye said, adding that sustained investment would help address rising fuel costs while creating jobs across multiple sectors.

The country has seen limited government interventions in recent years to support EV adoption, including the release of draft electric mobility policies and small-scale incentives for local EV assembly. In 2023, the National Automotive Design and Development Council announced a 10-year tax relief for EV manufacturers to encourage local production and assembly.

Director of Engineering & Design at IHS Nigeria, Gaith Al-Hassan, said the EV sector faces familiar challenges such as grid reliability, power supply, and security issues, similar to those once encountered in the telecom industry. He said the ecosystem must prepare to tackle these hurdles to meet the transportation needs of millions of Nigerians.

Al-Hassan commended the organisers’ efforts, noting that initiatives like the EV.N Expo would help spark investor interest and deepen participation in the e-mobility space.

In another keynote titled “E-mobility in Grassroots Development: Skills, Jobs and Local Enterprise”, Executive Chairman of Kosofe Local Government, Barr. Moyosore Ogunlewe highlighted the opportunities EV adoption presents for local job creation, technical training, and small business growth.

He said grassroots communities stand to benefit from emerging opportunities in EV assembly, maintenance, battery management, and charging infrastructure.

“The local government must provide supportive policies and regulatory clarity,” Ogunlewe noted. “Private-sector partners must contribute technology and expertise, while financial institutions must provide accessible credit facilities.”

General Manager of Bolt Nigeria, Osi Oguah, speaking during a panel on “E-mobility Advantage in Public Transportation”, said electric vehicles offer ride-hailing companies a cost-effective alternative amid rising fuel prices.

He disclosed that Bolt is exploring partnerships with fleet operators and EV manufacturers to reduce operational costs by up to 40 per cent compared to petrol-powered vehicles.

Chairman of the Alliance for Economic Research and Ethics Ltd, Dele Oye, added that Nigeria must codify its EV policies to ensure investor confidence and prevent future losses.

The conference also featured exhibitions from EV manufacturers, charging technology providers, and e-mobility start-ups. Case studies on logistics, public transportation, and job creation were showcased, providing insight into how Nigeria can bridge inequalities through clean mobility.

With the successful debut of the EV.N Expo and Conference, organisers say the next edition, slated for the second quarter of 2026, will focus on driving investments required to keep Nigeria aligned with global e-mobility trends.