Powering Nigeria's e-mobility industry

In a bid to revolutionize the transportation sector in Nigeria, the Nigerian National Automotive Design and Development Council (NADDC) is set to ratify the Electric Vehicle Development Plan to facilitate local production of electric vehicles. This move comes at a crucial time when the country is transitioning away from fuel subsidies and exploring alternative energy sources for transportation. One indigenous electric vehicle manufacturer, Jet Motor Company, has taken the lead in this endeavor by supplying two locally assembled electric-powered buses with charging infrastructure to the NADDC. Oluwemimo Osanipin, the CEO of Jet Motor Company, recently sat down for an exclusive interview with CNBC Africa to discuss the company's plans and the future of e-mobility in Nigeria. The conversation with Oluwemimo Osanipin shed light on Jet Motor Company's vision to address the gaps in the market created by the removal of fuel subsidies. Recognizing the shift towards electric vehicles, the company is gearing up to expand its product line to offer more affordable options for consumers. Jet Motor Company, which previously focused on cargo and 14-seater passenger buses, is now poised to introduce family-friendly vehicles to cater to a wider segment of the Nigerian population. Osanipin emphasized the importance of electric vehicles as the future of transportation and highlighted the company's readiness to meet the growing demand. Key to the success of electric vehicles is the charging infrastructure, which dictates the range and usability of the vehicles. Osanipin provided insights into the battery capacities of Jet Motor Company's vehicles, revealing that the 14-seater buses have a battery capacity of 105.7 kWh, allowing for a range of up to 300 kilometers on a full charge. While the current focus is on intra-city movements due to limited charging stations, Osanipin expressed optimism about future expansions along major routes in Nigeria, such as Lagos to Abuja and Abuja to Kano. The fast-charging capability of the vehicles, which can charge from 0% to 100% in 110 minutes, adds to the convenience of electric vehicles. One of the key challenges in the e-mobility sector in Nigeria is the cost implication of electric vehicles compared to internal combustion engine vehicles. Osanipin highlighted that electric vehicles can cost approximately 160% more than their ICE counterparts, with prices starting from 50 million Naira and above for electric buses. Despite the higher upfront costs, Osanipin pointed out the long-term savings on maintenance and fuel expenses, which could allow consumers to recoup the additional investment within a few years. The CEO stressed the importance of developing local battery manufacturing capacity to lower the cost of electric vehicles by utilizing Nigeria's lithium deposits. Looking ahead, Jet Motor Company aims to attract more investors to expand its production capacity and introduce new products to the market. With a current output of seven units per day, the company is poised for growth and is open to partnerships and investments to scale its operations. Osanipin reiterated the company's commitment to making electric vehicles more accessible and affordable across Nigeria, with plans to serve customers beyond Lagos and reach every part of the country. As Nigeria embraces the e-mobility revolution, companies like Jet Motor are at the forefront, driving innovation and sustainable transportation solutions. With the support of government initiatives like the Electric Vehicle Development Plan, the future looks promising for the electric vehicle industry in Nigeria, paving the way for a cleaner and more efficient transportation system.