Nigeria's Electric Vehicle Future: 50% Adoption in 20 Years

Wale Tinubu, group chief executive officer of Oando Plc, says electric vehicles will account for 50 percent of Nigeria’s total vehicles within the next 20 years. Tinubu spoke on Tuesday in an interview with Arise News TV on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland. “China today, one in two cars being produced are electric, and electric cars are much cheaper to produce,” he said. “And we have abundance of gas from the country, which basically means that we’ll eventually generate very cheap electricity. “So I see a big movement from combustion vehicles to electric vehicles over the next 20 years in Nigeria, so definitely it’s going to happen.” Speaking on business readiness, Tinubu said Nigeria is open for business and stable, noting that areas of instability account for less than 2 percent of the country’s geographical landmass. “What is most profound about Nigeria is the birth and the emergence of private capital and indigenous capital,” he said. The GCEO added that the current administration has made tough decisions, including the removal of petroleum subsidies and allowing the currency to float, with the effects already being felt.