Electric two-wheelers in Nigeria today are cheaper over their lifetime than their gas-powered counterparts

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TCO = total cost of ownership, ICE = internal combustion engine. Calculations based on a 150 km range two-wheeler. Capital costs include interest and principal payments on purchase loans, assuming a 3-year loan term, 75% loan-to-cost ratio, and 24% interest rate. Assuming a 1% real increase in fuel and electricity prices and 15,000 km driven per year. ICE vehicle up-front costs increase by 1% per year due to increasing efficiency standards, and battery costs decrease in line with projections by BloombergNEF in the 2023 EV Outlook.

Source: RMI analysis, Bob Eco, MAX, National Bureau of Statistics, Stears, World Bank