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Energy transition and Nigeria’s economy

By Lanre Oloyede

WITH a combination of technology and environmental-friendly behaviours, humanity will overcome the climate change crisis. There are lots of hope. The key to solution lies in clean and renewable energy.

Our actions should not be based on the opinions of profit-driven businessmen who dubiously employ and compromise dishonest scientists to cast aspersion on electric vehicles, EV, and the world’s quest for clean energy.

Some businesses have continued to make massive investments in fossil fuels when trans-national oil and automobile companies are divesting or diversifying in that sector. The only interest of some businesses are profits. They do not care whether the temperature is rising or falling. They do not care if the world is up in flames, so long as they are making profits.

EV sales are increasing slowly, but surely. In 2015 electric vehicles constituted three per cent of the automotive market. In 2022, it was 15 per cent. By 2025, the projection is 23 per cent. Electric SUVs are selling like hot cakes. Almost every major automobile manufacturer today has at least one electric SUV model variant.

Clearly because of perennial energy crisis and poor electricity generation and distribution capabilities, Africa is far from ready for the EV revolution, apart from few cars in South Africa and perhaps Kenya.

However, we cannot talk about EVs without at least a tribute to Nikola Tesla (1856-1943), the exceptionally brilliant Serbian-American engineer/physicist who invented the alternating current, AC, motor that is the foundation of today’s EV technology. Some of the world’s largest automobile companies such as VW, BMW, Volvo, Toyota, Daimler, etc., have fully converted to making EVs and plan to phase out internal combustion engine vehicles by 2030-2035.

Already in some European countries such as Norway, EVs are more affordable, and it is becoming increasingly difficult and expensive to operate petrol or diesel vehicles due to heavy taxation. And let us not ignore the fortunes of Elon Musk’s Tesla Corp which sells the largest number of EVs. The role of the Chinese in strengthening the EV market is also significant.

Though Nigeria and many other African countries may not be able to benefit from the EV revolution due to infrastructural deficiency like ineffective electricity supply, we will also lose woefully on account of the blow the EV revolution and other clean energy technologies will deal on our oil-based economy. Nigeria urgently needs to start thinking out of the boxes for ways out.

The EVs issue has become so vast and interesting. Some of the doubts over their viability and sustainability also appear valid. But one thing is certain: the civilised world will not go back on EV. With time, the challenges, which are mainly in improvement of battery strength and faster charge, will be surmounted.

With the entry of solar cars such as the affordable Dutch car company’s Lightyear 2, a solar-powered car that can travel 500 miles without having to recharge, the EVs revolutions will spread further and EVs will become more accessible.

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