EV market set for price war after FG removes 5% import duty

The Federal Government has eliminated the 5% import duty on electric vehicles, a move that is anticipated to significantly impact the EV market in Nigeria. Industry stakeholders are expressing optimism that this policy change will lead to reduced prices for consumers and accelerate the adoption of electric vehicles across the country. However, there are rising concerns regarding potential intense competition among manufacturers, which could disrupt the existing market dynamics. The decision is expected to reshape the mobility sector as companies adjust their strategies in response to the new regulatory environment.

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