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Economic development

SAGLEV Electromobility Company Limited Secures Federal Government and AfDB Support for EV Production in Nigeria

Strategic Insights

— 1 min read

The SAGLEV Electromobility Company Limited's assembly plant in Imota, Lagos, has been commended by the Federal Government and the African Development Bank (AfDB) for its investments in electric vehicles (EV) production. During a visit to the facility, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, assured the company of government support, stating that the "Nigeria First Policy" is committed to supporting investors like SAGLEV. The AfDB President, Dr. Akinwumi Adesina, also pledged the bank's support to SAGLEV and other entrepreneurs in Africa engaging in automobile production.

Key Takeaways:

  • The SAGLEV Electromobility Company Limited's assembly plant in Imota, Lagos, has received support from the Federal Government and the African Development Bank (AfDB) for its investments in electric vehicles (EV) production.
  • The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, assured the company of government support, citing the "Nigeria First Policy" which prioritizes Nigerian investors.
  • The AfDB President, Dr. Akinwumi Adesina, pledged the bank's support to SAGLEV and other entrepreneurs in Africa engaging in automobile production.
  • The company has been working on the EV project for the past five years and has the franchise of the Chinese auto giant, Dongfeng Motors, for the entire Africa for EV.
  • The assembly plant has the capacity to manufacture a minimum of 2,500 cars per annum, with the potential to produce 10,000 cars with two and a half shifts.
  • The company has faced challenges such as financing, poor importation process, and low EV awareness, but has chosen to focus on solutions and opportunities instead.
  • The AfDB has invested heavily in energy, connecting more than 28 million people to electricity in the last 10 years, and has lines of credit available to support companies like SAGLEV.

Statistics:

  • The SAGLEV Electromobility Company Limited's assembly plant has the capacity to manufacture a minimum of 2,500 cars per annum.
  • The company can produce 10,000 cars with two and a half shifts.
  • The AfDB has connected more than 28 million people to electricity in the last 10 years.
  • The cost of capital in Nigeria is five times higher than in other parts of the world.

Sources:

  • Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment
  • Dr. Akinwumi Adesina, President of the African Development Bank
  • SAGLEV Electromobility Company Limited
  • National Automotive Design and Development Council (NADDC)
  • Dongfeng Motors
  • African Development Bank (AfDB)

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