Wale Tinubu, Group Chief Executive Officer of Oando Plc, has projected that electric vehicles (EVs) will make up 50 percent of Nigeria’s total vehicle population within the next two decades.
Tinubu made the assertion on Tuesday during an interview with Arise News TV on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland.
“Today in China, one out of every two cars produced is electric, and electric vehicles are significantly cheaper to manufacture,” he said.
He noted that Nigeria’s abundant gas resources position the country to generate relatively cheap electricity in the long term, which will accelerate the transition to electric mobility.
“With our vast gas reserves, we will eventually produce very affordable electricity. That makes a strong case for a major shift from combustion engines to electric vehicles in Nigeria over the next 20 years. It’s not a question of if — it will happen,” Tinubu added.
On Nigeria’s investment climate, the Oando GCEO said the country remains open for business and fundamentally stable, stressing that insecurity affects less than two percent of Nigeria’s total landmass.
Tinubu also highlighted the growing role of indigenous and private capital in driving economic growth, describing it as one of the most significant developments in the country’s business landscape.
He further commended the current administration for taking bold economic decisions, including the removal of fuel subsidies and the adoption of a market-driven exchange rate, noting that the positive impacts of these reforms are already beginning to emerge.
Source: TheCable
