’Value Chain To Hit $57trn In Africa’

Innoson Vehicle Manufacturing (IVM) Nigeria Limited, has said that it has concluded plans to establish an electric vehicle manufacturing plant in Nigeria. The Head of Corporate Communications, IVM, Cornel Osigwe, disclosed this during on a Global Business Report on Arise Television. He also spoke about the need to boost made-in-Nigeria vehicles.

He said the company’s Chairman, Innocent Ifediaso Chukwuma, had firmed up modalities to establish the plant in the country, adding that every major component needed in the production of electric vehicles was available in Nigeria. He also disclosed that IVM had commenced the production of compressed natural gas (CNG) vehicles.

He revealed that some major marketers recently bought some CNG-powered vehicles from the company and donated them to the presidency. According to him, the presidency would be commissioning the CNG manufacturing arm of the company soon. Osigwe said: “In terms of electric vehicles, we have a strategic approach. The chairman has concluded plans to set up an EV manufacturing plant in Nigeria because every major component of producing the electric car is in Nigeria.

“All the raw materials are in Nigeria. It doesn’t make sense to import battery and major components of electric car battery which is the most expensive products of EVs. “So, the Chairman has thought it wise to set up an EV manufacturing company in Nigeria so that we can start producing the EV.” He added: “We have started producing CNG vehicles.

Just recently, about last week or two, we had major marketers who purchased a number of CNG-enabled buses that we produced and donated to the presidency. The presidency will soon commission it (CNG manufacturing plant).” Meanwhile, the size of the electric vehicles’ value chain in Africa is estimated to increase from the current $7 trillion to $57 trillion by 2050, President of the African Development Bank Group, Akinwumi Adesina, has said. Speaking at the Africa Investment Forum 2023, yesterday at the Palace Congress, Marrakech, Morocco; he also said the future of electric cars depends on Africa.