Opinion: Fuel subsidy removal sparks EV adoption

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The removal of fuel subsidies in 2023 created economic hardship but also opened a pathway for Nigeria to reimagine its mobility future, says Abiola Adekoyejo, the convener of EV Nigeria Expo. EV adoption offers a chance to align industrial growth with clean energy goals. Integrating EVs with renewable energy can drive both decarbonisation and energy security.

• Opportunities lie in the rise of new micro-business models such as battery swapping, EV repair services, and mobile charging stations. It can also expand digital finance inclusion through leasing, credit, and insurance linked to EV ownership.

• While the government advances supportive policies, the private sector should drive investment in charging infrastructure, innovative financing models, and smart fleet management solutions, says Mr Adekoyoje.

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