Today Africa has a population of about 1 billion people with Nigerian being the largest economy with
about 200 million people, this number is forecasted to grow to 1.25 billion by 2025 and to 2.4 billion in 2050.
GDP of the Sub Sahara region grew at 4.7% in 2013 and six out of the ten fastest growing countries over the past
decade were African. consumer spending in Africa has seen a geometric leap, and it is expected to hit $1.4 Trillion
by 2020 according to the Mckinsey Global Institute.
The global middle class is expected to double in size within the next 10-15 years from today’s 2.5bn people to almost 5bn people by 2030. This growth is driven by Asia and Africa. In Nigeria, the middle class accounts for about 23% of the population according to the African Development Bank (AFDB) data, with the majority living in urban centres, particularly Lagos. With this facts and figures in mind, we see an opportunity to create our own market in an industry still in it’s forming stages as major global economies move toward cleaner and sustainable mobility. Designing and Manufacturing electric vehicles to local taste and international quality will not only be the first of its kind on the continent but will also create a ripple effect across many industries with real job opportunities and economic growth.
Looking at these statistics and not being able to find an African brand in the automobile industry is quite disappointing. Africa has the market and the resources to compete profitably in the automobile design and manufacturing industry while creating jobs and improving the lives of its citizens. It therefore makes both moral and business sense to venture into this industry and make Africa rise from the rubbles of the Internal Combustion Engine vehicles industry with a made in Africa high end fully electric Quantum 1 EV.
VoltaEV currently seeks a seed investment of $1,000,000 to help us carry out the following;
You can support the mission of bringing the first made in Nigeria Electric Car by donating here.