Nigeria's ambition to expand electric vehicle adoption is being constrained by high financing costs, limited charging infrastructure and an uneven competitive landscape that favours imported vehicles over locally assembled ones, according to Arc. Dr. Kaycee Orji-Kelechi, Chairman of The ROXETTES Group and ROXETTES Eco-Drives Ltd.
In an interview with Nairametrics, Orji-Kelechi said commercial transportation offers the largest near-term market for electric mobility because taxi drivers, ride-hailing operators and logistics companies spend heavily on petrol and maintenance. ROXETTES plans to combine local assembly with lease-to-own and drive-to-own financing, alongside its indigenous BeeRides ride-hailing platform within the BEEZENDS ecosystem, to make electric vehicle ownership more attractive to high-mileage commercial operators.
On running costs, he cited an illustration using petrol at N1,450 per litre and electricity at N209 per kilowatt-hour. A petrol vehicle consuming eight litres per 100 kilometres would spend roughly N11,600 on fuel, while a comparable electric vehicle using about 18 kilowatt-hours, including charging losses, would cost approximately N3,762, a saving of around 67.6%. For a commercial driver covering 200 kilometres daily over 26 operating days a month, that translates to potential savings of about N407,576 monthly, or N4.89 million annually, excluding financing, depreciation and maintenance.
The company's automotive assembly facility at Obuaku Industrial City in Ukwa West Local Government Area of Abia State now has all equipment fully installed, a milestone Orji-Kelechi described as important to its industrial development programme. He argued that Nigeria should move beyond finished-vehicle imports toward component production and eventual exports, supported by reliable electricity, long-term industrial financing, consistent policy and technical training.
However, he warned that local manufacturers face a serious survival threat from cheap imports and expensive credit. Bank loan rates for vehicle imports can approach 40%, while foreign competitors may access near-zero financing, allowing them to undercut locally made vehicles. He also criticised the gap between the Nigeria First policy and its implementation, noting that some officials responsible for the policy use foreign-made vehicles and that ministries, departments and agencies continue to buy imported products.
