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Wale Tinubu, the group chief executive of Nigerian energy firm Oando, says electric vehicles could make up half of Nigeria’s vehicle fleet within the next 20 years, an ambitious forecast tied to falling global costs and what he calls Nigeria’s long term power potential.
Tinubu made the prediction during an Arise News TV interview on the sidelines of the World Economic Forum in Davos, Switzerland, where executives and government officials gathered this week to pitch investment ideas and debate how economies will navigate inflation, energy security and climate targets.
He pointed to China as an example of how quickly auto markets can tilt once prices drop and charging options grow. Tinubu said a large share of cars being produced in China are already electric and argued that the manufacturing economics are improving fast, helping electric models close the affordability gap with petrol and diesel vehicles.
Nigeria’s case, he said, rests on power. Tinubu argued that Nigeria could use its natural gas resources to produce cheaper electricity over time, making vehicle charging more practical and, eventually, more attractive than buying fuel at the pump. Nigeria has vast gas deposits, but the reality on the ground remains a major obstacle. Grid supply is unreliable in many areas, and businesses and households often depend on generators, raising costs and undercutting confidence in anything that requires steady electricity.
Even if the economics of electric vehicles improve, the transition will not be simple. Charging infrastructure is still thin, and the cost of importing vehicles and batteries can be out of reach for many drivers. Road conditions in parts of the country can also be punishing for any car, and maintenance networks for electric models are still developing.
Still, early experiments are already underway in Nigeria. Electric motorcycles have gained traction with some delivery and ride hailing operators, partly because they can be charged at centralized locations and swapped quickly. A few startups are testing charging points, and some companies are exploring electric buses for fixed routes where operators control the vehicles’ daily schedules.
Policy choices could determine how quickly those pilots turn into scale. Industry watchers say import duties, standards for chargers, incentives for local assembly and access to financing will matter as much as technology. Commercial fleets could move first because they can charge overnight at depots and measure savings more clearly than private owners who travel longer distances without predictable stopping points.
Tinubu also used the interview to sell a more optimistic view of Nigeria’s investment outlook. He said Nigeria is open for business and stable, arguing that insecurity is concentrated in a limited portion of the country’s geography. He pointed to what he described as the growing role of domestic investors and private capital in shaping the economy.
He said recent reforms by President Bola Tinubu’s administration, including the end of petrol subsidies and moves around foreign exchange policy, have been difficult but necessary, and he suggested the benefits will become clearer with time.
