Wale Tinubu, Group Chief Executive of Oando Plc, has forecast that half of all vehicles in Nigeria will be electric within the next two decades. He made this prediction during an interview with Arise News TV at the World Economic Forum in Davos, Switzerland.
Tinubu pointed to global trends and local potential as the basis for his outlook. "China today, one in two cars being produced are electric, and electric cars are much cheaper to produce," he stated. He emphasized Nigeria's capacity for affordable power generation, noting, "we have an abundance of gas... which basically means that we’ll eventually generate very cheap electricity."
He expressed strong confidence in this transition, stating, “I see a big movement from combustion vehicles to electric vehicles over the next 20 years in Nigeria, so definitely it’s going to happen.”
On the broader business climate, Tinubu affirmed that Nigeria is "open for business and stable," suggesting that areas of instability affect less than 2% of the country's landmass. He praised the growth of indigenous private capital and acknowledged the current administration's tough economic decisions, such as removing the fuel subsidy and floating the national currency.
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