We rank West Africa’s shift from fuel to EVs

From the newsletter

Following yesterday’s assessment of East Africa, we now turn our attention to West Africa to evaluate how well its top six countries—Nigeria, Ghana, Côte d'Ivoire, Senegal, Togo and Benin— are progressing towards EV adoption. West Africa might have turned up a little late for the EV party in Africa, but they are catching up fast.

• Our rankings highlight Nigeria as the clear frontrunner, with Togo and Benin trailing behind in second place. Ghana and Senegal share the third position, while Ivory Coast rounds out the group.

• The methodology remains the same for West Africa, focusing on three categories: fundraising, talent, and consumer cost. While there are many other factors that impact EV progress—such as government policies and charging infrastructure—our metrics indirectly reflect these dynamics.

More details

• Nigeria tops the rankings, driven by robust fundraising and a wealth of talent. Over the past year, six EV companies in the country have successfully completed multiple funding rounds. Max Mobility stands out as a talent powerhouse, boasting Africa’s largest EV workforce with over 375 senior employees based in Nigeria alone. Although recent attention has shifted towards CNG developments, Nigeria's expansive market has the potential to sustain the simultaneous growth of both CNG and EV sectors.

• Togo and Benin secured a surprising second place, supported by solid performance in funding and talent. Moderate electricity costs and growing consumer interest have positioned them as emerging hubs for EV adoption. As the birthplace of Spiro, Africa's largest EV motorcycle manufacturer, now headquartered in Kenya, their progress is impressive given their smaller economies.

• Ghana and Senegal share third place, showing steady progress in attracting funding and modest engagement from companies and senior staff in the EV sector. Senegal has made bold strides this year, with the government introducing 121 e-buses and local e-mobility and energy startup Solarbox Africa raising $1 million in pre-seed funding. Meanwhile, Ghana continues to leverage its stable business environment and progressive policies, laying a solid foundation for significant advancements in the near future.

• While both Ghana and Senegal are making progress, they lag behind the frontrunners in establishing a robust and competitive EV ecosystem. Neither have EV companies ranked among the top 10 in the region. Their key challenge lies in scaling up the sector to attract more investment, cultivate local talent, and draw larger EV players to their markets.

• Ivory Coast comes in last among the top five. While its fuel-to-electricity affordability ratio is relatively decent, the country has seen limited success in attracting investors and nurturing talent for the EV industry. More targeted government interventions could potentially boost its performance in the coming years.

Our take

• Togo and Benin’s success highlights how smaller nations can achieve significant progress through focused efforts. In contrast, Ghana, Senegal, and Ivory Coast emphasise the need to scale up investment and talent development to remain competitive regionally.

• Nigeria's position at the top is unsurprising, given its vibrant entrepreneurial ecosystem and strong investment appeal. With the right policies, the country has the potential to further solidify its leadership.

• West Africa’s EV journey is still in its infancy, but the region is steadily advancing. Continued investment and sound policies could dramatically reshape the rankings in the years ahead.

• Please see the numerical results from our ranking in the table below: