Nigeria set to lead electric vehicle revolution with $275M facility

Nigeria is set to become a leader in electric vehicle innovation in Africa, after securing a groundbreaking $275 million Foreign Direct Investment (FDI) partnership between Electric Motor Vehicle Company (EMVC), a Nigerian electric mobility firm, and China Road and Railway Corporation (CRRC), a Chinese conglomerate.

By attracting foreign investment into the electric vehicle sector, Nigeria aims to create numerous job opportunities, particularly for its youth, thereby addressing the pressing issue of unemployment, a statement issued on Monday by Prince Mustapha Audu, CEO of EMVC, said.

Prince Audu said the partnership is anticipated to generate thousands of direct and indirect jobs, contributing to the reduction of unemployment and empowering young Nigerians to play a crucial role in the economy.

“This historic agreement aligns seamlessly with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which emphasises industrialisation, infrastructure development, and sustainable technologies to spur economic growth and prosperity.

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“The deal is also expected to ease pressure on the Naira by boosting foreign exchange earnings through the export of electric vehicles and components. This influx of foreign currency will help stabilise the national currency and improve Nigeria’s balance of payments. Moreover, the partnership will facilitate the transfer of technology and skills, enhancing Nigeria’s ability to innovate and compete on a global scale,” he said.

He said the partnership is a transformative moment for Nigeria’s automotive sector, adding, “This historic deal will ignite Nigeria’s electric vehicle revolution, positioning us at the forefront of Africa’s sustainable transportation landscape and establishing us as a beacon of innovation and excellence.”

CRRC CEO Ye Lizhang expressed excitement about the collaboration, saying, “We are thrilled to join forces with EMVC, advancing Nigeria’s sustainable transportation vision and expanding our global presence through this international partnership.”