Cheap imports, 40% loan rates, threaten Nigeria’s EV manufacturers –ROXETTES Chairman

Nigeria's electric vehicle market faces significant hurdles, including cheap imports, high loan rates, inadequate charging infrastructure, and concerns over balancing imports with local production. Arc. Dr. Kaycee Orji-Kelechi, Chairman of The ROXETTES Group and ROXETTES Eco-Drives Ltd, spoke about these factors in an exclusive interview with Nairametrics.

He emphasized that electric vehicles' affordability hinges on their overall cost of ownership, not merely the purchase price. Orji-Kelechi highlighted that commercial drivers, who spend a significant portion of their income on fuel, could benefit greatly from electric vehicles' potential savings. ROXETTES Eco-Drives is addressing these challenges by combining local vehicle assembly with accessible financing options like lease-to-own and drive-to-own arrangements.

The company is also developing an indigenous ride-hailing platform, BeeRides, to gradually introduce electric vehicles into commercial fleets. Orji-Kelechi stressed the importance of charging infrastructure, advocating for a phased rollout starting with major cities and key transportation hubs. He noted that a commercial fast-charging hub could cost tens or hundreds of millions of naira, but stressed the need for hybrid energy systems to balance solar power with grid electricity and battery storage.

Despite the challenges, Orji-Kelechi remains optimistic about Nigeria's electric mobility future, emphasizing the company's commitment to building sustainable industrial capacity.