Across the busy arteries of Lagos and beyond, a stirring conversation lit up the room at the inaugural episode of the Zeno Fireside Chat series, a chat that sparked fresh ideas and bold visions for Nigeria’s evolving mobility scene. With rising fuel prices reshaping travel habits and a nation on the brink of an electric revolution, the panellists, Tumi Adeyemi, CEO, Zenolynk Technology Ltd, Iyinoluwa Aboyeji, Founding Partner, Future Africa, and Demola Ogunbanjo, President/CEO, Oando Clean Energy Ltd, gathered to chart a path toward sustainable, efficient, and inclusive transportation, ably moderated by Dr. Muyiwa Oludayo. The conversation was a journey through the highlights, the challenges, and the boundless opportunities that are redefining how Nigerians move.
When fuel subsidies were pulled away, Nigerians felt the pinch immediately. Prices soared while disposable income held firm, forcing riders to rethink every mile. The initial shock saw demand for smart mobility plunge, only to rebound as people embraced change. Carpooling emerged as a plausible alternative, like they say necessity is the mother of invention. As Tumi Adeyemi poetically puts it, “The cost of driving has reduced the need to move aimlessly; readjustment & recalibration happened to consumers’ mobility.” The market was changing, and fast.
Fueling our journey was a spirited debate on the future of energy in mobility. The discussion turned to Nigeria’s ambitious energy transition plan and a crucial question: Should we stick with compressed natural gas (CNG) or leap directly to electric vehicles (EVs)? Panellists pointed to the heavy investments already sunk into CNG conversion centres and the rapid spread of CNG-powered vehicles. Yet, as battery technology improves and economies of scale drive down costs, electric mobility stands out as the long-term solution. “Electric vehicles will only get cheaper with the proliferation of technology,” noted Demola Ogunbanjo, capturing the forward-thinking spirit of the conversation. Investing in charging infrastructure now is not just smart; it’s necessary.
Investors are hustling to tap into mobility’s vast potential. With around $1.3 billion raised over the past decade by various companies, it’s clear that mobility addresses a fundamental human need: to move, to connect, and to grow. Lagos alone churns out roughly $120 million in ride-hailing revenue yearly, a testament to the city’s bustling economic activity. Iyinoluwa Aboyeji highlighted success stories like Moove Africa, whose fleet has turned simple Suzuki cars into a robust financial ecosystem. Here, investment isn’t simply about profit; it’s about fueling Nigeria’s march towards a more dynamic, interconnected future.
At the heart of the discussion was a call for collaboration, a shared, cohesive vision for Nigeria’s transport future that bridges public ambitions with private innovation. Infrastructure, it was stressed, is not just concrete and cables; it’s the heartbeat of progress. Whether it is smartly placed charging stations at malls and hotels or new carbon capture technologies promising cleaner internal combustion engines, the mission is clear: invest where it counts. As Iyinoluwa put it, “Investing at scale is considering the economic power of users because people move towards opportunity.” With thoughtful collaboration among governments, investors, and private players, the mobility ecosystem can flourish.
The conversation didn’t stop at Lagos. It spanned the entire nation, with discussions about transport challenges in smaller cities and the untapped potentials of interstate movement. Despite purchasing power parity and regulatory hurdles, the need to move remains constant. From local three-wheelers on residential routes to high-tech electric taxis, a layered, phase-by-phase transformation is on the horizon. The panel’s clarion call was for local governments to step up, for policies to become more consistent, and for leaders to embrace innovative financial products that turn assets into yield.
As the fireside chat drew to a close, what emerged was more than a discussion; it was a blueprint for the future. With concrete action items like developing financial products for asset-yield conversion, investing in next-generation charging infrastructure, and fostering a holistic, collaborative approach to mobility, the path forward is both challenging and inspiring. The vision? Cities redesigned for ease, energy-efficient transportation humming on every street, and Nigeria riding high on a wave of sustainable progress.
The journey may be long and the road uneven, but one thing is clear: in Nigeria, the call for change is being answered. Like the rising sun over Lagos, hope and innovation shine brightly, promising a future where every mile travelled tells the story of resilience, collaboration, and unstoppable progress.
