Nigeria’s indigenous automobile manufacturing company, Innoson Vehicle Manufacturing (IVM), has said it is preparing to set up an electric vehicle manufacturing arm in Nigeria.

Cornel Osigwe, Head of Corporate Communications at Innoson Vehicles, made this known while speaking to the Global Business Report on Arise Television about the need to boost the production of locally-made vehicles.

According to him, every major component of producing the electric car is available in Nigeria.

He said about last week or two major marketers purchased numbers of CNG enable buses that were produced and donated to the presidency. The presidency will soon commission it. So, in a nutshell, he made it clear that the company has started producing CNG vehicles.

Talking about electric vehicles, he said his team has a strategic approach. The chairman has concluded plans to set up an EV manufacturing plant in Nigeria because every major component of producing the electric car is in Nigeria.

“All the raw materials are in Nigeria. It doesn’t make sense importing battery and major components of electric car battery which is the most expensive products of EV,” he said.

“So, the Chairman has thought it wise to set up an EV manufacturing company in Nigeria so that we can be able to start producing the EV,” the statement concluded.