Nigeria has taken a major step toward establishing a domestic Electric Vehicle (EV) industry after signing an agreement with South Korea’s Asia Economic Development Committee (AEDC) to establish what officials are calling Africa’s first EV manufacturing plant.
The agreement, signed on January 30, 2025, by Minister of State for Industry Senator John Enoh for Nigeria and AEDC Chairman Yoon Suk-hun for South Korea, marks a major step in the country’s push to localize vehicle production and green technology adoption.
According to a statement posted on the official X account of the National Automotive Design and Development Council (NADDC),
The agreement, signed on January 30, 2025, by Minister of State for Industry Senator John Enoh for Nigeria and AEDC Chairman Yoon Suk-hun for South Korea, marks a major step in the country’s push to localize vehicle production and green technology adoption.
According to a statement posted on the official X account of the National Automotive Design and Development Council (NADDC),
“On January 30, 2026, the Federal Government of Nigeria, through Senator John Enoh, Hon. Minister of State for Industry at the Federal Ministry of Industry, Trade and Investment (FMITI), signed a Memorandum of Understanding (MoU) with South Korea’s Asia Economic Development Committee (AEDC) to establish an Electric Vehicle (EV) manufacturing plant and develop critical charging infrastructure nationwide. This landmark collaboration aligns strongly with Nigeria’s National Energy Transition Plan (ETP) and National Automotive Industry Development Plan (NAIDP).”
Nigeria’s automotive sector faces structural challenges, including limited local component production, high assembly costs, and heavy reliance on imports.
The country imports between 400,000 and 720,000 vehicles annually, with 74–90% being used cars.
In 2023, imports reached 700,000 units, with passenger cars valued at $1.05 billion in 2024, making Nigeria one of the world’s largest markets for pre-owned vehicles.
To promote electric mobility, the federal government launched a 20 billion naira ($12 million) consumer credit program in December 2024.
The scheme supports the purchase of locally assembled electric vehicles, motorcycles, and tricycles, partnering with domestic manufacturers including Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (Electric), and DAG to expand access and foster the growth of a homegrown EV industry.
Nigeria’s automotive sector faces structural challenges, including limited local component production, high assembly costs, and heavy reliance on imports.
The country imports between 400,000 and 720,000 vehicles annually, with 74–90% being used cars.
In 2023, imports reached 700,000 units, with passenger cars valued at $1.05 billion in 2024, making Nigeria one of the world’s largest markets for pre-owned vehicles.
To promote electric mobility, the federal government launched a 20 billion naira ($12 million) consumer credit program in December 2024.
The scheme supports the purchase of locally assembled electric vehicles, motorcycles, and tricycles, partnering with domestic manufacturers including Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (Electric), and DAG to expand access and foster the growth of a homegrown EV industry.
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