Wale Tinubu: Nigeria Will See Over 50% Electric Vehicles in Two Decades

The CEO of Oando, Wale Tinubu, has made a forecast that by the year 2046, electric vehicles will comprise over 50% of Nigeria’s automotive market.

Speaking during a recent interview with ARISE NEWS at the World Economic Forum held in Davos, Switzerland, Tinubu highlighted the potential for this shift as he discussed Nigeria and Africa's future, stating, "I witness a significant transition from fossil-fuel-powered vehicles to electric models in Nigeria over the next two decades. It is definitely going to occur. I project that, at the most, in 20 years, more than half of our vehicles will be electric."

He pointed out that currently in China, one out of every two cars produced is electric, remarking on the cost-effectiveness of producing electric vehicles. He added that Nigeria's extensive gas resources will eventually lead to the generation of affordable electricity.

In his remarks, he further emphasized how indigenous private investment could be a catalyst for economic changes in Nigeria, saying, "What is particularly striking about Nigeria is the rise of private capital and homegrown enterprises, which are establishing multinational companies with branches across Africa. The challenging decisions made by this administration, such as withdrawing petroleum subsidies and floating the local currency, are already producing positive effects."

Tinubu also addressed the issue of security in Nigeria, asserting that instability affects only a minor portion of the country's territory. He emphasized that the overall economic environment is thriving and ripe for investment opportunities.

He mentioned, "I believe we are not facing instability across vast areas of the nation. The pockets of instability likely impact less than 2% of Nigeria’s land. We must project a positive image of Nigeria and our continent. Many wonderful developments are happening that the global community should be aware of."