Pecohub Nigeria’s vast deposits of rare-earth elements such as monazite and neodymium, alongside growing lithium exploration and early advances in electric-vehicle (EV) assembly, are strengthening prospects that the country could emerge as a global player in the electric-car value chain, industry stakeholders have said.
According to data from the International Energy Agency (IEA), global EV sales surpassed 14 million units in 2023, representing about 18% of total car sales worldwide.
With projections indicating that annual sales could exceed 20 million units before 2030, demand for lithium-ion batteries and rare earth magnets is accelerating sharply.
The global EV market is estimated to be worth over $800 billion, underpinned by the rapid transition to cleaner energy and net-zero commitments by major economies.
As countries race to secure critical minerals and strengthen domestic supply chains, Nigeria is increasingly positioning itself as a potential supplier of key inputs and possibly a manufacturing hub within Africa.
Industry stakeholders say Nigeria’s potential lies in combining its mineral endowment with domestic demand and regional trade advantages.
They argue that strategic policy alignment and investment could help the country integrate into the global EV value chain.
Automotive analyst Tope Adebayo said Nigeria possesses the mineral resources, large domestic market and strategic regional positioning required to become a global EV player.
- “West Africa imports most of its vehicles. If Nigeria can produce competitively priced electric vehicles, it can serve both local and regional markets under the African Continental Free Trade Area,” he said.
The Minister of Solid Minerals Development, Dele Alake, said Nigeria is shifting from exporting raw ore to encouraging local processing.
