Nigeria EV sector stakeholders seek N100bn fund and policy support

Stakeholders in Nigeria’s electric vehicle (EV) sector are calling for improved policy frameworks and significant financial support to accelerate industry growth. Dr. Ibiom Ogwejofa, National Coordinator for the Strategy Implementation Task Office for Presidential Executive Order 5, urged industry players to provide data to help the government create regulations that protect local businesses and promote domestic production.

To address capital constraints, Laolu Adeola, Managing Director of Leke Services Ltd., proposed the establishment of a N100 billion fund. He noted that high interest rates, sometimes reaching 35 percent, and a lack of reliable fleet contracts currently hinder entrepreneurs. Adeola suggested that addressing these funding challenges could allow the industry to grow by over 80 percent annually over the next five years.

Additionally, the development of charging infrastructure remains a challenge. Experts suggest that fleet operators in public transport, taxis, and logistics should drive demand to provide a reliable customer base for charging point operators.