Wale Tinubu predicts 50% rise in EVs in 20 years

Wale Tinubu, a prominent figure in Nigeria’s energy sector, and the Chief Executive Officer (CEO) of Oando, has made a bold prediction about the country’s transportation future.

According to Tinubu, Nigeria is poised to witness a significant shift towards electric vehicles (EVs), with 50% of all vehicles on the road expected to be electric in 20 years.

This prediction is in line with the Nigerian government’s efforts to reduce greenhouse gas emissions and transition to cleaner energy sources.

The country has set a target to become carbon neutral by 2060, and increasing the adoption of EVs is seen as a key strategy to achieve this goal.

Tinubu’s prediction is also driven by the growing demand for EVs globally, driven by declining battery costs.

He says one in two cars being produced in China is electric, adding that EVs are much cheaper to produce.

“And we have an abundance of gas in the country, which basically means that we will eventually generate very cheap electricity.

“In China today, one in two cars being produced are electric. Electric cars are much cheaper to produce. And we have an abundance of gas in the country, which basically means that we will eventually generate very cheap electricity.

“So I see a big movement from combustion engines to electric vehicles over the next 20 years in Nigeria. For definite, it’s going to happen.

“Recent statistics say Nigeria has around 20,000 EVs on the road, while in 2024, China sold over 11 million in a single year.

“I think in a maximum of 20 years, over 50% of our vehicles will be electric,” he added.

The Oando boss explained that some hard decisions were taken at the advent of the administration of President Bola Tinubu, which according to him, is the withdrawal of petroleum subsidy and the floating of the naira.

“The results are already being felt. Nigeria is now looking to new technologies to drive development.

Wale Tinubu stated that despite the problem of insecurity across various parts of the country, that the wheels of the economy have not stopped turning.

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