How NEV Electric is Driving Nigeria’s Booming EV Market to $50 Million Revenue

Nigeria’s electric vehicle (EV) market is growing fast, with local company NEV Electric making $18 million in revenue over the past 14 months.

This shows that more people in Nigeria are becoming interested in electric vehicles, thanks to government support and the demand for cleaner transport.

The Nigerian government has set a goal for 30% of all vehicles to be electric by 2025. This is part of a bigger plan to reduce pollution and use more clean energy.

NEV Electric is leading the way in this shift. The company was started to provide cleaner transport options and has become one of the biggest players in Nigeria’s EV market.

It aims to double its revenue to $50 million in the next 15 months, showing confidence in the industry’s future.

NEV Electric has also built 100 electric buses, making it Africa’s biggest producer of mass transit electric buses.

But there are still challenges. One of the biggest issues is cost. Electric vehicles are expensive, with an average price of about $55,600.

Many Nigerians earn far less than this in a year, making EVs hard to afford. However, as battery technology improves and prices drop, more people may be able to buy them in the future.

Charging stations are another key factor in making EVs more practical. More companies are setting up charging points to help people charge their vehicles easily.

HAVE YOU READ?

How Kabisa’s Ultrafast Charging Hub in Kigali Cuts Charging Time by 10x for EV Fleets

EVR Power is building solar-powered charging stations across Nigeria to help solve the problem of running out of battery.

NEV Electric also plans to install 300 charging stations in cities like Abuja and Lagos by August 2025, making it easier for people to use electric vehicles.

Other businesses are helping the EV market grow too. Ride-sharing companies like Plentywaka and Car45 are making it possible for people to use electric vehicles without having to own one.

This helps more people experience EVs, reduces traffic, and cuts down on pollution. The government is supporting this shift by offering tax breaks and cutting import duties on electric vehicles.

This has made it cheaper for companies to produce EVs, which could help bring prices down for buyers. NEV Electric’s CEO, Mosope Olaosebikan, has said these policies have helped lower costs for manufacturers.

More Nigerians are now aware of the benefits of electric vehicles, including lower fuel costs and less air pollution.

The push for electric vehicles is part of Nigeria’s larger plan to reduce pollution, with a long-term goal of having millions of EVs on the road by 2050 and reaching net-zero emissions by 2060.

Nigeria’s electric vehicle market has a bright future. While there are still challenges, the growing number of charging stations, government support, and rising interest in EVs could make the country a leader in clean transportation in Africa.

As more people switch to electric vehicles, it will help the environment and boost the economy.