Wale Tinubu predicts electric vehicles will make up half of Nigeria’s cars in 20 years

Wale Tinubu, group chief executive officer of Oando Plc, has projected that electric vehicles will account for 50 percent of Nigeria’s total vehicles within the next two decades.
Tinubu made the projection on Tuesday during an interview with Arise News Television on the sidelines of the World Economic Forum in Davos, Switzerland.
He said the global shift towards electric vehicles is accelerating, citing China where one out of every two cars produced is now electric. According to him, electric cars are also becoming cheaper to manufacture compared to combustion engine vehicles.
Tinubu noted that Nigeria’s large gas reserves would play a key role in the transition, as they could support the generation of affordable electricity over time.
“With our abundance of gas, we will eventually generate very cheap electricity,” he said. “So I see a big movement from combustion vehicles to electric vehicles over the next 20 years in Nigeria. It is definitely going to happen.”
Speaking on Nigeria’s business environment, Tinubu said the country is stable and open for business, adding that areas affected by insecurity account for less than two percent of Nigeria’s total landmass.
He also highlighted the growing role of private and indigenous capital in driving economic development, describing it as one of the most significant changes in the country’s economic landscape.
Tinubu added that the current administration has taken tough but necessary decisions, including the removal of petrol subsidies and the adoption of a market driven exchange rate, noting that the positive effects of these policies are beginning to emerge.