Nigeria's EV Market in 2024: What's Changed and What's Coming
A roundup of the most important developments in Nigeria's electric vehicle market — new models arriving, infrastructure updates, and government policy changes.
The Market is Growing Faster Than Expected
EV registrations in Nigeria grew by an estimated 340% year-on-year in 2023. While the absolute numbers remain small compared to petrol vehicles, the trajectory is clear and accelerating. The combination of fuel subsidy removal (raising petrol costs), increasing grid electricity availability in urban areas, and falling EV purchase prices is creating ideal conditions for mass adoption.
New Models Arriving in 2024
Several new EV models are entering the Nigerian market this year:
- BYD Seagull — Nigeria's first sub-₦7M EV, opening the market to a completely new segment of buyers.
- Chery Omoda E5 — a competitive compact SUV with a 5-year vehicle warranty and 8-year battery warranty, underpricing most European alternatives.
- Kia EV9 — the first full-size 7-seat luxury EV available in Nigeria, targeting the same buyer as the Land Cruiser and Prado.
Charging Infrastructure Updates
The number of public DC fast chargers in Nigeria more than doubled in 2023. Key locations now covered include: Lekki–Epe corridor (Lagos), Abuja CBD and airport road, Port Harcourt GRA, and the Lagos–Ibadan Expressway. More are planned for 2024 in Kano, Enugu, and Ibadan.
What to Watch in 2025
The most significant development on the horizon is the proposed EV import duty reduction, which could cut purchase prices by 5–15% for vehicles assembled or CKD-kitted in Nigeria. Several manufacturers are in advanced discussions with the Nigerian government about local assembly programmes. If these come to fruition, the economics of EV ownership in Nigeria will improve dramatically.