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Nigeria Approves 10-year Tax Break for EV Manufacturers 

May 31, 2023 12:48 AM
Nigeria Approves 10-year Tax Break for EV Manufacturers 

Automotive Design and Development Council, Jelani Aliyu, announced that Nigeria would offer all-electric vehicle manufacturers a 10-year tax break.

The tax break is part of Nigeria’s new Auto policy from 2023 to 2033 which is set to help develop a competitive and sustainable automotive industry in Nigeria.

The policy also promotes investment in the auto sector and fiscal incentives which includes additional tax relief for 5 years for assemblers or manufacturers of automotive components and products, and 10 years for assemblers/manufacturers of electric vehicles and components used in electric vehicles and many other incentives provided.

The council revealed that Hyundai Kona Electric, Jet Systems Motors, GIG Logistics, Max. ng, and Phoenix are the active electric vehicle players in Nigeria.

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