EV: “Nigeria has less than 1% of global market share”

Nigeria has less than one percent share of the global electric vehicle (EV) market, says Head Mobility, Sterling Bank, Engr Akinkunmi Akingbogun. He said there was a need to introduce more electric vehicles in Nigeria.

He was speaking at the quarterly press webinar and meeting organized by the Major Energies Marketers Association of Nigeria (MEMAN). It was titled: “Introduction to Electric Vehicles.” Akingbogun said: “Nigeria has less than one percent of the total EV market share because Africa is exactly one of them.

However, the likely direction for electric vehicle adoption is likely to start with two-wheelers and three-wheelers rather than four-wheelers. This is because two- and three-wheeled vehicles require smaller batteries that can be charged using renewable energy sources, and can directly save money for those who will be the operators or passengers of these electric vehicles.

“This is not specific to Nigeria. Any part of Africa that sees an EV evolution will start aggressively with smaller vehicles. We call them light electric vehicles, like tricycles. However, as the market matures, four-wheelers will appear on the market.

We would have more chargers placed on roads and transport corridors, which would give people more confidence and overcome the anxiety they feel about adopting electric vehicles.” MEMAN, in a statement, said that the future of electric vehicles, particularly as part of Nigeria’s broader energy transition, will be a key focus at the summit.

He added that electric vehicles are crucial to combating climate change, reducing emissions and increasing energy security. It said: “The forum discussed the different types of electric vehicles – battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs) – and their potential role in Nigeria’s energy landscape.

“While challenges remain, such as high upfront costs and limited charging infrastructure, continued technological innovations in the EV space, including solid-state batteries, wireless charging and vehicle-to-grid (V2G) technology, are expected to facilitate adoption.

“The transition to electric vehicles is essential for sustainable development, and MEMAN remains committed to promoting this transformation alongside traditional energy sources. “Strategic industry recommendations:

In addition to electric vehicles, MEMAN continues to advocate for a diversified energy mix including traditional fuels, renewable energy sources and innovative technologies. “As part of our recommendations, we call for: The establishment of Oil Industry Consultative Committees to guide the industry and address potential issues. Promoting private sector participation to drive innovation and efficiency. –

“Investing in infrastructure to support energy expansion and sustainable development. Developing local refining to reduce Nigeria’s dependence on imports and increase energy security. “Strengthening human capital through education and skills development to meet the needs of the growing energy sector.

“Facilitating open access procedures to encourage social inclusion and fair competition in the energy sector.” He added: “In today’s challenging environment, we must always prepare for multiple scenarios to cope with the many uncertainties that may arise.

It is through this proactive approach that we can anticipate and address threats to ensure the stability and development of the Nigerian energy sector. “Achievements in Nigeria’s Refining Sector. As Nigeria transforms into an African refining powerhouse, MEMAN celebrates the significant progress made by both public and private entities.

“MEMAN remains steadfast in its commitment to ensuring the supply of affordable, high-quality energy products in a safe, sustainable and competitive environment. Fair competition is crucial to driving progress and innovation in the industry.

“Our CEO stressed the importance of maintaining an environment in which competition can thrive because it promotes efficiency, reduces costs and ensures consumers have access to the best possible energy solutions.

“The complex nature of the energy supply chain, especially during the energy transition, requires all stakeholders – public and private – to work together to drive progress. By fostering collaboration, the industry can better address challenges and deliver the best possible outcomes for consumers and the nation.

“By focusing on energy diversity – including traditional fuels, renewable sources such as solar power and electric vehicles – we strive to meet Nigeria’s growing energy demand while reducing our environmental impact. Together we can build a more resilient, sustainable and innovative energy future for Nigeria.”

Related