Energy Company Set to Roll Out 12,000 Electric Buses in Nigeria, Targets Local Assembly

• Oando Clean Energy has revealed plans to roll out 12,000 electric buses across Nigeria
• The company said it is also targeting local assembly of electric vehicles by 2026
• It revealed that it is committed to helping Nigeria to achieve net zero emissions by 2060

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

Oando Clean Energy has announced the plan to roll out 12,000 electric buses nationwide.

The scheme is part of the firm’s commitment to help Nigeria’s journey towards net-zero emissions by 2060, which is in line with the global climate change agenda.

Two electric buses already operating in Lagos

The company’s Executive Vice President, Ademola Ogunbanjo, disclosed this during his presentation in Dubai on Wednesday, November 6, 2023.

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He said that the company has already deployed two buses in Lagos, which would be increased to 50 later out of the 2000 planned for the state.

He said:

“The agenda is 2000 buses for Lagos, 12000 for Nigeria; nobody must import 12000 buses into the country when we can build a local assembly.

“We will be assembling vehicles in Nigeria forever; making it electric does not change anything.

The News Agency of Nigeria (NAN) reports that the President of Oando Clean Energy, Aionojie Irune, said the company was the seriousness Nigeria showed in its energy transition plans.

“We, as Oando, have stepped forward to take a portion of that government commitment effectively; we believe that seven to 10 percent of that commitment is something we can impact as a company.

Legit.ng reported that in April this year, the company delivered an undisclosed number of electric vehicles from Yuntong Bus, a Chinese car manufacturing company.

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Nigerians and residents of Lagos have been asking about the feasibility of electric buses in a state notorious for traffic congestion.

The company tweeted that it has mapped out routes for the EVs in Lagos to ensure full-service delivery and charging stations.

Oando said its electric buses could travel a distance of up to 280km on a full battery charge, an equivalent trip from Lagos to Ibadan.

"To Increase Production": Tinubu speaks on Oando's 100% share acquisition of Agip Oil

Legit.ng reported that Oando Plc has disclosed that an agreement has been struck with Integrated Energy Company, Eni regarding the acquisition of a 100% share in its subsidiary, Nigerian Agip Oil Company Limited (NAOC Ltd).

The completion of the transaction is subject to ministerial clearance and other necessary regulatory approvals, according to a statement posted on the Nigerian stock exchange.

This is coming after Oando Plc reported a net profit of N34.7 billion for the 2021 fiscal year. The positive outcome marks a significant recovery from the N140.7 billion loss after tax recorded in the previous year.

Source: Legit.ng