Nigeria Targets $800 Billion Global EV Market Entry

Nigeria is positioning itself to enter the $800 billion global electric vehicle (EV) market, capitalizing on its extensive deposits of rare earth elements such as monazite and neodymium, alongside growing lithium exploration. The International Energy Agency (IEA) reports that global EV sales surpassed 14 million units in 2023, representing 18% of total car sales worldwide, with projections indicating annual sales could exceed 20 million units by 2030.

This surge in demand for lithium-ion batteries and rare earth magnets is critical for Nigeria's ambition to become a major player in the EV value chain. Stakeholders argue that Nigeria's mineral resources, combined with its large domestic market and strategic regional advantages, necessitate policy alignment and investment to integrate into the global EV value chain.

Dele Alak, founder and CEO of Saglev, cautions that while Nigeria is endowed with rare earth elements, developing battery manufacturing capabilities will require significant policy changes and investment. Recent local initiatives include pilot EV projects, but Nigeria's competitiveness in the global EV market hinges on its ability to move beyond raw mineral exports to manufacturing and assembly.