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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 healthtech startup Chefaa has received a $5.25 million boost in a funding round co-led by Newtown Partners (South Africa) and Global Brain (Japan).
Ecobank, a pan-African financial services group, has named Daba Finance, an Ivorian fintech company, as the Grand Winner of the 2024 Ecobank Fintech Challenge.
Egyptian skills development startup Eyouth has announced a significant partnership with global education consultancy EDT&Partners, launching a $6 million initiative to equip one million young people across Africa and the Middle East with essential digital skills.