Abuja: The Federal Government has urged stakeholders in the electric vehicle (EV) sector to provide timely data to support policies and regulations aimed at protecting local businesses and promoting production. Dr Ibiom Ogwejofa, National Coordinator of the Strategy Implementation Task Office for Presidential Executive Order 5, Federal Ministry of Innovation, Science and Technology, made the call at a round table organised by Leke Services in Abuja.
According to News Agency of Nigeria, Ogwejofa stated that the office is coordinating with Ministries, Departments and Agencies (MDAs), as well as the private sector to promote Nigerian content in the non-oil and gas sector. He emphasized the need for Nigeria to move beyond consumption and production to creating wealth through local innovation and enterprise.
Ogwejofa highlighted the goal of transitioning Nigeria from idea to wealth, stating that collaboration with stakeholders and government is essential to ensure the private sector and the country are safeguarded. He stressed the importance of addressing challenges in the EV sector before the transition becomes too advanced.
He encouraged key players in the EV sector to join the National Consultative Committee established by his office to facilitate information sharing between the private sector and government. The committee includes members from all MDAs in Nigeria and private sector participants, aimed at ensuring timely and effective policy development.
Industry stakeholders called for the establishment of a N100 billion fund to accelerate investment and growth in the EV sector. Mr Laolu Adeola, Managing Director of Leke Services Ltd., mentioned that this fund would enable entrepreneurs to access capital and expand their operations. He identified high interest rates as a major challenge, with commercial banks charging up to 35 per cent due to perceived risks.
Dr Alamin Ibrahim, Vice President of the Electric Vehicle Assemblers and Manufacturers Association of Nigeria (EVAMAN), emphasized the need for appropriate government policies to encourage private investment. He advocated for concessional loans with longer repayment periods to support EV project development.
Mrs Jumai Vandu, representative of the National Council on Climate Change (NCCC), noted that inadequate charging infrastructure is a significant barrier to EV adoption. She mentioned Nigeria’s target of 30 per cent EV adoption by 2035 and suggested leveraging existing climate financing mechanisms to support the sector.
Stakeholders called for blended financing, supportive policies, improved charging infrastructure, and coordinated data sharing to accelerate Nigeria’s transition to electric mobility.