More than 90 per cent of Nigerians cannot afford new cars, so they opt for tokunbo cars, making the Tokunbo dealership business in Nigeria very lucrative. As a result, used cars make up 95 per cent of Nigeria’s auto industry. According to the National Bureau of Statistics, Nigeria spent N140 billion importing used vehicles in the first quarter of 2021 and N150 billion in the fourth quarter of 2020. Electric vehicles on the other hand are generally more expensive than their internal combustion engine counterparts, so it is understandable why it is not ubiquitous yet. People simply can’t afford it. But asides from its prohibitive cost, another problem for EV adoption in Nigeria is the lack of charging infrastructure. The availability and accessibility of charging stations are essential for EV owners. However, in Nigeria, the charging infrastructure is still in its early stages of development, and the number of charging stations is currently extremely limited, almost nonexistent.
The Future of EVs in Africa’s Most Populous and Largest Economy
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