Connect with us

Auto

Future of Transportation is Electric Not Fuel, is Africa Ready?

Published

on

Timi Olubiyi Future of Transportation

By Timi Olubiyi, PhD

The year 2025 comes with a lot of hope and many aspirations, one of such is the increased benefits and possibilities around electric vehicles (EVs).

Even though, it is no more news and that it does not come as a surprise that the petrol and diesel-powered automobile/cars we have long been accustomed to still dominate the motoring landscape and indeed Africa with all the innovations and developments around mobility and transportation.

No doubt, the world is advancing clean and renewable energy options in particular around electric vehicles (EV) adaptations. More so the popularity of EVs is growing and the disruption is already rapid in developed economies. But what baffles the author is that Nigeria seems not to be bothered and we continuously move on with our daily tasks without referencing what happens around us globally.

It is a common knowledge that the way to go is net zero emissions by 2050 across all business units and supply chains including transportation. This is a key priority and a growing renewable energy footprint around the world but Africa is to the contrary from context observation.

From the records and with a follow up survey by the author in 2024 across the Republic of Ireland a small country with a population of less than 6 million, as it stands four out of every five homes now power their cars with 100% electric because the future of energy is electric.

Such acceptance can promote energy security, zero-emission, reduced energy cost and sustainable future easily without any economic concerns. Is this achievable in Nigeria in the nearest future? Achieving net-zero emissions in Africa presents significant challenge due to factors like limited access to reliable electricity, reliance on traditional fuels, and underdeveloped and old infrastructure.

In Nigeria and indeed most countries in Africa transportation sector is one of the largest contributors to global carbon emissions, with traditional gasoline(fuel) and diesel vehicles being primary sources of air pollution and environmental degradation.

In response to these concerns, the rise of electric vehicles (EVs) could represent a significant shift towards more sustainable and eco-friendly transportation options yet we are at the infant stage of adoption on the continent. As the world grapples with climate change and the depletion of fossil fuels, electric vehicles offer a promising solution to reduce pollution, enhance energy efficiency, and promote sustainability.

Therefore, this piece presents key benefits, and the need to explore policy options for future potential of electric vehicles in Nigeria and indeed on the continent of Africa.

From observation, one of the most compelling benefit of wide spread usage of electric vehicles is their environmental impact. Unlike traditional vehicles that run on internal combustion engines, EVs are powered by electricity stored in batteries, which means they produce zero emissions. This can significantly reduce air pollution, particularly in urban areas like Lagos, Port Harcourt, Abuja and the likes where traffic congestion and poor air quality are major concerns.

By shifting from gasoline(fuel) to electricity, EVs can help reduce the number of harmful gases, such as carbon dioxide (CO2), nitrogen oxides (NOx), and particulate matter, which are linked to health challenges and serios climate change. Emissions, primarily carbon dioxide is a key driver of climate change. The gas is usually trap heat in the atmosphere gradually warming up the planet and causing intense heat wave and disruption of the ecosystems.

So, to reduce the emissions of CO2 from combustion engines, working by burning fuel and overheating with high engine noise, electric vehicles are desirable. Because they more energy-efficient compared to their gasoline-powered counterparts, more so, EVs are with less maintenance culture and repair expectations are low.

In fact, EVs are more cost-effective in the long run, despite high initial purchase price because over time the operational costs of running are lower. Believe it or not, EVs have fewer moving parts compared to conventional cars, where there is no need for oil changes, oil filters and radiator or coolants.

In fact, the brake systems tend to last longer because of regenerative braking technology, a feature common in many electric vehicles. The cost of electricity for charging is also typically lower than the cost of the usual fuel or diesel, further reducing the lifetime costs of owning an EV.

With all the aforementioned the future of electric vehicles looks promising but technological advancements in battery storage, such as solid-state batteries and faster-charging technologies, are expected to improve to enhance the overall EVs performance, its affordability, and convenience.

As the global demand for clean energy grows globally, it is the hope of the author that governments in Africa in particular Nigeria will step up their efforts to encourage the adoption of electric vehicles. Though effort on Compressed Natural Gas (CNG) promotion is high in Nigeria in recent times which is a clear alternative to high cost of fuel currently but the real global standard and future of transportation is electric.

Many countries have now introduced stricter emissions regulations, offering financial incentives such as tax credits, rebates, and subsidies to make EVs more accessible to consumers Nigeria should not be an exemption, our government can also initiate similar policies.

Additionally, several governments have set ambitious goals to phase out the sale of new gasoline and diesel vehicles in favor of zero-emission models EVs within the next few decades, Africa can also start promoting this.

In addition, businesses and investments drive can be channeled into this developing critical area. Such as investment in home charging solutions, public charging infrastructure,wide spread charging stations, encouraging car manufacturers and private companies to set up assembling plants in Africa countries.

Investing inhome charging solutions, will make it easier for individuals to charge their vehicles overnight. Theseinvestment options and widespread infrastructure will help reduce range anxiety and make electric vehicles a more viable option for everyday consumers in Africa.

While challenges such as charging infrastructure, battery costs, and range limitations remain, ongoing advancements in technology, along with supportive policies and growing consumer demand, are driving the transition toward a cleaner, more sustainable transportation systemthios can also happen in Africa.

As electric vehicles become more affordable and accessible, they have the potential to significantly reduce our reliance on fossil fuels, improve air quality, and create a more sustainable future for generations to come. Good luck!

How may you obtain advice or further information on the article? 

Dr Timi Olubiyi, an Entrepreneurship & Business Management expert with a PhD in Business Administration from Babcock University, Nigeria. A prolific investment coach, adviser, author, columnist, seasoned scholar, Member of the Institute of Directors, Chartered Member of the Chartered Institute for Securities & Investment (CISI), and Securities & Exchange Commission (SEC) registered capital market operator. He can be reached on the Twitter handle @drtimiolubiyi and via email: [email protected], for any questions, reactions, and comments.

The opinions expressed in this article are those of the author- Dr Timi Olubiyi and do not necessarily reflect the opinions of others.

Auto

Stanbic IBTC Bank Partners Autochek to Boost Auto-financing, Disburses N4bn

Published

on

stanbic autocheck

By Adedapo Adesanya

A top financial institution in Nigeria, Stanbic IBTC Bank, has partnered with Autochek, an automotive technology firm, to facilitate accessible and affordable car ownership in Nigeria.

This vehicle-financing collaboration combines Stanbic IBTC Bank’s extensive financial expertise and network with Autochek’s cutting-edge technology platform and robust dealer distribution network; streamlining the car-buying process and making it more accessible and affordable for Nigerians.

The car financing programme offered through this strategic alliance provides several key advantages for customers including competitive interest rates that enhance affordability, as well as flexible repayment plans.

Within six months, the collaboration has disbursed over N4 billion in loans since its inception in August 2024 furthering empowering numerous individuals to purchase their desired vehicles.

According to the company, there are approximately N1 billion in deals that are currently being processed.

The partnership is poised for continued growth and impact on the Nigerian automotive landscape, according to Mr Olu Delano, Executive Director, Personal and Private Banking at Stanbic IBTC Bank.

He made this known while speaking at the media parley held in Lagos to engage stakeholders in the industry.

“We are incredibly excited about the tangible impact of our collaboration with Autochek. This partnership has significantly lowered the barriers to car ownership; making it a reality for many Nigerians. At Stanbic IBTC Bank, we are dedicated to providing innovative financial solutions that cater to the evolving needs of our customers.

“We are committed to the long-term success of this partnership and its contribution to the growth and development of Nigeria’s automotive industry,” he added.

On her part, Ms Mayokun Fadeyibi, Chief Operating Officer at Autochek, highlighted the transformative nature of the partnership.

“Our collaboration with Stanbic IBTC Bank has revolutionised the car-buying experience in Nigeria. By leveraging technology and strategic partnerships, we have made car ownership more accessible, convenient, and transparent.

“We share Stanbic IBTC Bank’s commitment to driving growth in the automotive sector and look forward to expanding the reach and impact of this partnership.”

The partnership comes with a swift and efficient application process, that will allow customers to enjoy a smooth and convenient experience.

Also, Autochek’s platform and extensive dealer distribution network give customers access to various vehicles, ensuring they can find the perfect car to meet their needs.

Continue Reading

Auto

Lagos Reduces Red Line Train Fares by 30% to N1,000

Published

on

Abule Egba Bus Terminal

By Modupe Gbadeyanka

The Red Line train fares have been slashed by the Governor of Lagos State, Mr Babajide Sanwo-Olu, by 30 per cent to N1,000 from N1,500.

Mr Sanwo-Olu announced the cut in the fares on Tuesday during the commissioning of the Abule Egba Bus Terminal in the Orile-Agege Local Council Development Area (LCDA).

He disclosed that the intra-city rail transport was to make life easier for residents of the metropolis, noting that his administration was to enhance seamless mass transportation from the suburb to other parts of the state.

The bus terminal is strategically situated close to Lagos Red Line corridor, reflecting the government’s commitment to continuously enhance public transportation systems, strengthening connectivity and improving the overall experience for commuters.

Business Post reports that the Abule Egba Bus Terminal has features like loading bays, a terminal building with a customer service area, a waiting area, spaces for restaurants and other commercial services, offices for ground staff, public conveniences, a water treatment plant and provision for green energy, among others.

 “This is a public bus terminal that will aid seamless commuting from here to other parts of Lagos. This infrastructure reflects our commitment to continuously enhancing public transportation systems, strengthening connectivity, and improving the overall experience for commuters.

“We are dedicated to taking ongoing steps to advance and modernise transportation across the state,” Mr Sanwo-Olu disclosed, noting that efforts are being made to build two additional interchange hubs in Marina and Mile 2, while another bus terminal is at the advanced stage of construction in Iyana Ipaja axis.

He also announced that the state was expecting the arrival of new Compressed Natural Gas (CNG) buses and electric buses by the third quarter of the year to enhance bus services, urging residents to take ownership of the projects.

“This infrastructure has been made possible through your tax contributions. I urge you to take pride in it, protect it, and ensure that it remains safe from any harm or damage.

“By safeguarding these assets, we can all benefit from their long-term value and continue to build a better future for our community,” he stated.

On her part, the Managing Director of the Lagos Metropolitan Area Transportation Authority (LAMATA), Mrs Abimbola Akinajo, said bus terminals “offer central location for passengers to board and connect to other forms of transportation.”

According to her, the Lagos State government has provided bus terminals in Ikeja, Oshodi, Ajah, Oyingbo, Yaba, Ojota, Ifako Ijaiye and now at Abule Egba, with Iyana Ipaja bus terminal to be launched soon.

Continue Reading

Auto

Lagos Hikes BRT Fares by 18% Over High Operational Costs

Published

on

BRT buses

By Adedapo Adesanya

The Lagos Metropolitan Area Transport Authority (LAMATA) has increased fares for the Bus Rapid Transit better known as BRT across the state.

According to the Lagos State agency, an 18 per cent increment on all the routes will take effect from Monday, February 17, 2025.

This will impact Lagos commuters who already have to contend with high cost of food and energy amid a wider cost of living crisis in the country. Businesses are also not exempt as many workers commute to their various destinations via BRT buses.

“Please be informed that there will be an 18 percent increase in the bus fare on all Bus Reform Initiative (BRI) schemes,” part of the notice read.

“The fare increase is because of the increase in the cost of operations and the need to ensure that buses keep running and guarantee your movement around Lagos,” it added.

LAMATA called for the “understanding and cooperation” of passengers amidst the increment.

The Lagos State government had in November 2023 cancelled the 50 per cent transport fare discount on all BRT and reverted to the old prices.

“The 50 per cent rebate in transport fare in the regulated transport system in Lagos ends on Sunday,” LAMATA said then. “The statement informed commuters that starting “from Monday, November 6, 2023, transport fare will return to the pre-2nd August 2023 rate.”

Governor Babajide Sanwo-Olu had in July of that year reduced the transport fares for the state-owned buses and commercial buses by 25 per cent on all routes.

The moves were parts of efforts to cushion the impacts of the removal of fuel subsidy by the President Bola Tinubu government.

Mr Sanwo-Olu also said his administration was expanding its fleet of staff buses for workers in the Lagos State Public Service.

He said that the buses are ready and will be deployed through the office of the Head of Service of the state.

Continue Reading

Trending