ROXETTES Chairman Discusses Nigeria's EV Market Challenges

Arc. Dr. Kaycee Orji-Kelechi, Chairman of The ROXETTES Group and ROXETTES Eco-Drives Ltd, discussed the challenges facing Nigeria's electric vehicle (EV) market in an exclusive interview with Nairametrics. Key issues include high financing costs, with loan rates at 40%, and limited charging infrastructure.

Orji-Kelechi highlighted the importance of balancing vehicle imports with local manufacturing development. He emphasized that the future of EVs in Nigeria relies on affordability, financing, and the total cost of ownership.

The company aims to combine local vehicle assembly with accessible financing options, including lease-to-own arrangements. ROXETTES Eco-Drives is also launching BeeRides, a ride-hailing platform that will initially use existing vehicles while gradually introducing electric vehicles.

Orji-Kelechi provided a cost comparison showing that electric vehicles could save commercial drivers significant amounts on fuel, with potential monthly savings of approximately N407,576. He concluded that effective management of charging infrastructure is crucial for realizing these savings.