Electric Vehicle Boom Nigeria Seen as Untapped Goldmine for Investors Amid Policy Concerns

(Dr Boboye Oyeyemi. Photo by TheCable)

A logistics and transportation expert, Dr. Boboye Oyeyemi, has identified Nigeria as a major untapped market for electric vehicles, assuring potential investors in the sector that the opportunity is well worth pursuing.

Speaking during a conference call in Calabar on the sidelines of the 30th Anniversary of the Chartered Institute of Logistics and Transport (CILT), the former Federal Road Safety Corps Marshal described Nigeria as one of Africa's largest automotive markets, with significant opportunities spanning vehicle assembly, components sales, and aftermarket services.

Oyeyemi called on the federal government to develop and commit to a stable, long-term automotive policy focused on local value creation, rather than continuing a pattern of frequent policy shifts that he said add little or no value to the economy.

He pointed to South Africa, Morocco, and Ethiopia as models that Nigeria should look to emulate in building a sustainable automotive industry.

He also expressed concern over the human cost of the absence of a coherent auto policy, lamenting that Nigeria continues to lose lives and devastate families through road crashes that could have been prevented with the right regulatory framework in place.

Oyeyemi stressed that consistency in policy is critical to attracting the kind of long-term investment needed to develop the electric vehicle sector and the broader automotive industry in Nigeria.