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Nigerian automaker Innoson Vehicle Manufacturing Company (IVM) has made a significant stride in the country’s automotive industry with the unveiling of its first locally produced electric vehicle.
The company’s Head of Communications and Corporate Affairs, Cornel Osigwe, confirmed the development.
Osigwe shared a video of himself test-driving the new electric vehicle, marking a milestone in IVM’s journey towards sustainable transportation.
While specific details about the vehicle’s pricing, specifications, and commercial release timeline remain undisclosed, the announcement is a major boost for Nigeria’s growing electric vehicle market.
Innoson’s entry into the electric vehicle space comes as the country faces rising fuel prices and increasing interest in cleaner transportation options.
The government’s ambitious target of having 30% of all vehicles electric by 2025 has further spurred the development of the electric vehicle industry in Nigeria.
As the country continues to embrace electric mobility, Innoson’s locally produced electric vehicle could play a significant role in reducing dependence on fossil fuels and promoting sustainable transportation.
Egyptian software-as-a-service (SaaS) startup Qme has raised $3 million in seed funding, with AHOY, a deep-technology company, leading the investment round.
Early-stage venture capital firm P1 Ventures has successfully closed its first institutional fund, securing $50 million to invest in promising technology startups across Africa.
The International Finance Corporation (IFC), a member of the World Bank Group, is considering a significant investment in a Moroccan venture capital fund that targets emerging technology companies in North and West Africa.