Nigerian EV manufacturers, importers lament limited access to bank forex
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Nairametrics
Reported by Olalekan Adigun
Fri, 6 Nov 2026, 11:10
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The operators said limited access to foreign currency, high borrowing costs and dependence on imported components were making it difficult for local businesses to compete with international manufacturers and suppliers. Nigerian electric vehicle (EV) manufacturers and importers have raised concerns over difficulties accessing foreign exchange through commercial banks, warning that the challenge is increasing the cost of importing vehicles, components and equipment needed to grow the country’s electric mobility industry.
Context & Background
✦Adelakun, however, said forex access was not necessarily the biggest challenge facing local EV manufacturers, pointing instead to differences in import-duty concessions for foreign competitors and the high cost of financing.
Key Figures & Named Entities
19%:Japa costs drop by up to 19% as naira strengthens despite rising visa fees – ReportEFCC probes ex-banker over alleged N515 million diversion from customer accountTUC rejects fresh wage award, demands sustainable salary increase for workers He urged banks to review their processes to ensure legitimate businesses can obtain foreign currency through the official market without unnecessary delays.40%:Orji-Kelechi said interest rates on loans obtained from Nigerian banks to finance vehicle imports could approach 40%, raising the cost of bringing vehicles into the country.40%:Interest rates on loans obtained from Nigerian banks to finance vehicle imports can approach 40%.
Outlook & Next Steps
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Key Takeaways
Verified Extract
✦The operators said limited access to foreign currency, high borrowing costs and dependence on imported components were making it difficult for local businesses to compete with international manufacturers and suppliers.
✦Nigerian electric vehicle (EV) manufacturers and importers have raised concerns over difficulties accessing foreign exchange through commercial banks, warning that the challenge is increasing the cost of importing vehicles, components and equipment needed to grow the country’s electric mobility industry.
✦Adelakun, however, said forex access was not necessarily the biggest challenge facing local EV manufacturers, pointing instead to differences in import-duty concessions for foreign competitors and the high cost of financing.
Key Facts:19%: Japa costs drop by up to 19% as naira strengthens despite rising visa fees – ReportEFCC probes ex-banker over alleged N515 million diversion from customer accountTUC rejects fresh wage award, demands sustainable salary increase for workers He urged banks to review their processes to ensure legitimate businesses can obtain foreign currency through the official market without unnecessary delays.40%: Orji-Kelechi said interest rates on loans obtained from Nigerian banks to finance vehicle imports could approach 40%, raising the cost of bringing vehicles into the country.40%: Interest rates on loans obtained from Nigerian banks to finance vehicle imports can approach 40%.2026: In April 2026, the Federal Government announced import duty waivers on electric vehicles, mass transit buses and manufacturing machinery to support investment and ease transportation costs.
Editorial Excerpt
Nigerian electric vehicle (EV) manufacturers and importers have raised concerns over difficulties accessing foreign exchange through commercial banks, warning that the challenge is increasing the cost of importing vehicles, components and equipment needed to grow the country’s electric mobility...
Frequently Asked Questions About This Story
What is the latest development regarding Federal Capital Territory?
The operators said limited access to foreign currency, high borrowing costs and dependence on imported components were making it difficult for local businesses to compete with international manufacturers and suppliers.
Who are the key organizations or public figures mentioned?
The primary parties identified in this coverage include Federal Capital Territory, Central Bank of Nigeria, National Minimum Wage & Labor.
What timeline or key figures were confirmed?
Japa costs drop by up to 19% as naira strengthens despite rising visa fees – ReportEFCC probes ex-banker over alleged N515 million diversion from customer accountTUC rejects fresh wage award, demands sustainable salary increase for workers He urged banks to review their processes to ensure legitimate businesses can obtain foreign currency through the official market without unnecessary delays.
