Electric vehicles are on track to claim up to half of Nigeria’s vehicle fleet within two decades, driven by local startups, Chinese manufacturers and fleet operators betting on EVs as fuel prices rise.
Wale Tinubu, Oando Group CEO, made the remarks in an interview with Arise News TV on the sidelines of the World Economic Forum in Davos, Switzerland, where global business leaders and policymakers are gathered to discuss technology, AI, energy security and economic growth.
“I see a big movement from combustion vehicles to electric vehicles over the next 20 years in Nigeria. In a maximum of 20 years, over 50 percent of our vehicles will be electric. Definitely, it’s going to happen,” he said.
Tinubu, a Nigerian oil and gas executive and investor, pointed to global cost trends and Nigeria’s energy potential as key drivers of the shift.
“China today, one in two cars being produced are electric, and electric cars are much cheaper to produce,” he said. “We have an abundance of gas within the country, which basically means that we will eventually generate very cheap electricity.”
Nigeria’s EV market is still at an early stage, but signs of momentum are emerging.
Industry estimates suggest fewer than 10 000 fully electric cars are currently on Nigerian roads, out of a national vehicle population of more than 12 million, with annual new vehicle sales hovering between 400 000 and 500 000 units, most of them used imports.
Petrol and diesel models still dominate, but electric motorcycles, tricycles and buses are gaining traction faster than private cars.
EV startups such as MAX, Spiro, Jet Motor Company and Roam are pushing electric two-wheelers and locally assembled EVs. At the same time, Chinese brands like BYD and Chery are increasingly visible through imports.
In the passenger segment, models such as the BYD Dolphin, Tesla Model 3 and Nissan Leaf are appearing among early adopters, largely in Lagos and Abuja.
Charging infrastructure remains thin, and unreliable grid power is a major constraint. Still, Tinubu argued that Nigeria’s long-term gas resources could underpin cheaper electricity and accelerate adoption.
“What is most profound about Nigeria is the birth and emergence of indigenous private capital,” he said, adding that recent reforms, including fuel subsidy removal, are painful but necessary.
As the motor industry technology drives towards a new era, fleets, public transport and two-wheelers are likely to lead Nigeria’s EV transition, with private car adoption following as costs fall, financing improves and charging networks expand.
Share