Nigeria, South Korea Sign Deal for Electric Vehicle Plant to Boost Automotive Industry

Nigeria and South Korea signed a memorandum of understanding on January 30 to set up an electric vehicle manufacturing plant in Nigeria. The agreement, represented by John Enoh from South Korea's Asia Economic Development Committee, aims to develop charging infrastructure and support Nigeria's automotive industry development plans.

The project will be rolled out in phases, starting with electric vehicle assembly and expanding to full-scale manufacturing, with a projected capacity of 300,000 vehicles and the creation of approximately 10,000 jobs. The initiative, spearheaded by the Nigerian Automotive Design and Development Council (NADDC), seeks to boost technology, attract investments, strengthen human capital development, and promote research and innovation in the automotive sector.

Additionally, the move aligns with efforts to build a sustainable automotive ecosystem, encourage local manufacturing, support green energy adoption, and enhance global competitiveness.