Rising fuel prices are accelerating interest in electric vehicles (EVs) across Nigeria, as households and businesses search for cheaper transport alternatives.
Industry experts say the surge in petrol costs is no longer just an economic concern but a turning point, pushing electric mobility from a fringe idea into a practical solution for everyday use.
At the Abuja Compact on Electric Mobility Roundtable, stakeholders highlighted how increasing transport expenses are reshaping decisions, especially among commercial drivers and small business owners.
They noted that as fuel eats deeper into incomes, EVs are becoming less of a futuristic concept and more of a survival strategy.
Cost Advantage Driving Adoption
Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Ismaeel Ahmed, said the removal of fuel subsidy has widened the cost gap between petrol vehicles and EVs.
According to him, charging an EV for a 200-kilometre journey costs around N4,500, compared to about N22,500 for petrol-powered vehicles.
He described the difference as a “strong economic incentive” that is already influencing consumer behaviour.
Ahmed added that the Federal Government is pursuing a balanced transition strategy that supports both compressed natural gas (CNG) and electric vehicles, rather than favouring one over the other.
Flexible Financing Boosting Access
Experts also pointed to new financing models as a major driver of adoption.
Mohammed Abdul, Divisional Head at Alternative Bank, said lease-to-own schemes, partnerships and pay-as-you-go systems are making EVs more accessible, particularly for drivers in the informal sector.
These models reduce the burden of high upfront costs, allowing more Nigerians to switch gradually.
Beyond Transport: Economic Opportunities
Yusuf Suleiman, CEO of Bankrol Camel EV and Blue Camel Energy Ltd, said electric mobility offers wider economic benefits beyond transportation.
He noted that investments in EVs could improve energy access, support industrial growth and reduce Nigeria’s reliance on imported fossil fuels.
Similarly, Ahmed Garba Ahmed, Chief Operating Officer of Bankrol Camel EV, said EVs can cut energy costs per kilometre by up to 60 per cent, making them attractive for ride-hailing drivers, logistics firms and fleet operators.
Link to Power Sector Development
President of the Electric Mobility Promoters Association of Nigeria (EMPAN), Dapo Adesina, said EV adoption could also strengthen the power sector.
He explained that solar-powered charging hubs can serve dual purposes—powering vehicles while supplying electricity to nearby communities, particularly in underserved areas.
As fuel prices remain high, stakeholders say Nigeria’s shift towards electric mobility may accelerate faster than previously expected.
