50% of Cars in Nigeria Could Be Electric Within 20 Years, Says Wale Tinubu

Wale Tinubu, Group CEO of Oando Plc, has projected that over 50% of vehicles in Nigeria could be electric within the next 20 years.

Tinubu made the statement during an interview at the World Economic Forum in Davos, citing global trends in electric vehicle (EV) adoption and Nigeria’s abundant energy resources as key drivers. According to him, the shift towards electric mobility in Nigeria will be supported by the country’s natural gas reserves, which can be leveraged to generate cheaper electricity, making EV adoption more economically viable. He also highlighted Nigeria’s evolving investment environment, including the effects of fuel subsidy removal and recent economic reforms, as factors that could accelerate the transition. Currently, electric vehicles constitute a very small fraction of Nigeria’s automotive market, with estimates suggesting that only 15,000–20,000 EVs are on the roads, representing less than 1% of all vehicles. However, several local manufacturers and startups have begun producing electric tricycles, motorcycles, cargo vehicles, and cars, signaling early growth in the sector. Government initiatives are also paving the way for EV adoption. Nigeria has committed to zero-emission vehicle targets, aiming for 100% zero-emission sales of new cars and vans by 2040. Policies such as tax breaks, reduced import duties, and incentives for local manufacturing are designed to encourage both production and adoption of EVs. Despite the optimism, experts warn that widespread adoption faces significant challenges, particularly infrastructure deficits. Nigeria’s unreliable electricity grid and lack of comprehensive charging networks remain major hurdles. Analysts say achieving a 50% EV penetration will require substantial investment in power infrastructure, supportive policies, and financing options for consumers. Tinubu’s projection underscores a growing optimism among business leaders that Nigeria can join the global shift toward clean energy transportation, provided the necessary investments and policy frameworks are implemented over the next two decades.