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 on Tuesday 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, “Just recently, about last week or two, we have major marketers that purchased numbers of CNG enable buses that we produced and donated to the presidency. The presidency will soon commission it. We have started producing CNG vehicles.

“In terms of electric vehicles, we have 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.”

“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 added.