CEO of Oando, Wale Tinubu has projected that more than 50% of vehicles in Nigeria will run on electricity within the next two decades, citing the country’s abundant gas resources and the global shift toward electric mobility.
Speaking during an interview with ARISE NEWS during the World Economic Forum in Davos, Switzerland, on the prospects for Nigeria and Africa, Tinubu said, “I see a big movement from combustion engines to electric vehicles over the next 20 years in Nigeria. Definitely, it’s going to happen. I think in a maximum of 20 years, over 50% of our vehicles will be electric.”
He noted, “China today, one in two cars being produced are electric. Electric cars are much cheaper to produce and we have abundance of gas within the country, which basically means that we will eventually generate very cheap electricity.”
While speaking, he emphasised the potential of indigenous private capital to drive economic transformation saying, “What is most profound about Nigeria is the birth and emergence of private capital, indigenous capital, with what the major companies are doing. In one generation, you’re seeing Nigerians create multinationals who are opening branches all over Africa. The hard decisions we’re taking at the advent of this administration to withdraw petroleum subsidies to float the currency and the results are already being felt.”
The Oando CEO also addressed concerns over insecurity in Nigeria, asserting that instability affects less than 2% of the country’s landmass and arguing that the broader economic landscape is thriving and ready for investment.
He said, “I don’t think we’re unstable in large swaths of the country. I think there’s instability probably in less than 2% of the geographical landmass of Nigeria. We need to project Nigeria, we need to project our continent. There’s wonderful things going on that the world needs to know.”
Melissa Enoch
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