In this exclusive interview with BusinessDay’s Wasiu Alli, Tonimi Rotimi-Ojo, a New York-based financial strategist and economic analyst, shares insights on how smart financial planning can accelerate Nigeria’s transition to sustainable transportation.
Drawing from his experience advising both public and private stakeholders, he explores underutilized tools like lifecycle cost analysis, ESG-integrated modeling, and scenario forecasting to reshape the economics of electric vehicle (EV) manufacturing. His approach reframes clean mobility not just as a technological shift, but as a financial ecosystem that rewards innovation, manages volatility, and drives inclusive growth.
You have argued that financial planning must be embedded into the core of EV manufacturing. What specific financial strategies do you believe are most underutilized in today’s clean mobility sector?
In Nigeria’s push toward clean mobility, financial planning is often treated as a back-end consideration when it should be foundational from the start. One of the most underutilised strategies is lifecycle cost analysis (LCCA). This tool helps manufacturers and investors understand the total cost of ownership; not just the upfront cost of EV production, but long-term maintenance, efficiency gains, and eventual recycling or repurposing of components. For Nigeria, where capital is scarce and operating costs are high, this kind of analysis can dramatically improve project viability and investment confidence. Another underleveraged strategy is real options analysis (ROA). In Nigeria’s policy and commodity environment, volatility is a given. ROA gives both government and private investors the flexibility to scale projects up or down based on market shifts, like changes in lithium prices, power availability, or import tariffs on battery components.
We also need to implement ESG-integrated financial modelling, linking profitability with social and environmental impact. If Nigeria wants to access green bonds, climate funds, and attract serious institutional capital, our EV projects must show how they align with sustainability metrics: emissions reduction, job creation, local sourcing, and inclusive labour practices. Lastly, blended finance models, where the public sector co-invests with private firms, are crucial. Nigeria can’t rely on either sector alone.
A National EV Development Fund that pools resources from the government, development finance institutions, and private investors would be a game-changer, particularly for building domestic battery processing facilities in places like Nasarawa. In essence, we need to shift our thinking. Clean mobility is not just about vehicles, it’s about building a financial ecosystem that rewards innovation, manages risk, and accelerates sustainability.
You mentioned in an article that your models can reduce EV production costs by up to 30%. Could you walk us through the key components of those models and how they achieve such optimization?
Yes, I mentioned that smart financial models can reduce EV production costs by up to 30%, and that is especially critical for a country like Nigeria, where high input costs and infrastructure constraints can make clean manufacturing seem unaffordable. The models I use target three key cost drivers: raw materials, labour inefficiencies, and overhead/energy costs.
1. Material Cost Optimisation: We analyse how much is being spent on imported EV components like battery cells, inverters, and wiring systems. Through data modelling, I identify alternative sourcing options, especially local or regional suppliers, and help companies design contracts that hedge against price spikes. With Nigeria’s growing lithium reserves, for instance, this model helps project how domestic refining could cut input costs significantly over time, often by 10–15%.
2. Labour Productivity: Rather than cutting jobs, my approach improves how time and skills are allocated on the production floor. By mapping workflows, we can find tasks that can be automated or restructured. In Nigeria’s case, this also means training workers to move from low-value tasks to higher-skilled operations, boosting productivity and saving about 8–10% in costs.
3. Overhead and Energy: Energy is one of the highest costs in Nigerian manufacturing. My models assess how switching to solar-powered microgrids or off-peak production schedules can reduce overhead. They also track logistics and maintenance expenses to cut waste. This usually saves another 5–7%.
What’s unique is that these models are scenario-based; we simulate different futures: whether fuel prices go up, or policies change, or even if global battery prices drop. That helps Nigerian manufacturers make data-backed investment decisions about where to build, how to scale, or when to export. I embed ESG metrics, so we’re not just cutting costs but also building compliance with global sustainability standards. That makes Nigerian EV products more attractive for export and for green finance opportunities. So, when I say 30%, it’s not just theory, it’s a roadmap for Nigeria to make EV manufacturing profitable, localised, and future-ready.
How do ESG metrics and scenario forecasting influence capital allocation decisions in EV manufacturing, particularly for battery and charging infrastructure?
In Nigeria, ESG metrics and scenario forecasting are becoming critical tools in making smarter capital allocation decisions, especially for high-investment areas like battery production and charging infrastructure. First, let’s look at ESG metrics. Investors today want to see how clean energy projects deliver not just profit, but impact. So, when a company can show that it is reducing emissions by using solar-powered chargers, hiring and training local youth, sourcing materials responsibly, or recycling battery waste, it builds trust and credibility, both locally and internationally.
For example, a Nigerian EV company that can prove it uses ethically mined lithium, or that its charging stations are powered by renewable energy, becomes a better candidate for climate finance, green bonds, or even sovereign ESG-linked loans. In this way, ESG isn’t just a buzzword; it becomes a gateway to investment.
Then we have scenario forecasting, which is vital in our environment of regulatory uncertainty, exchange rate volatility, and power grid instability. My models allow manufacturers and investors to simulate different outcomes: What if the naira depreciates further? What if local lithium processing gets delayed? How would a fuel subsidy reform affect EV adoption rates?
These simulations help stakeholders plan where to allocate funds first, whether it’s building a battery plant near a mining site in Nasarawa or deploying solar EV chargers in Lagos with lower grid dependency. By combining ESG metrics with scenario forecasting, we ensure that capital is not only well-deployed but also protected against shocks, political, environmental, or financial. At the end of the day, this integrated approach allows Nigeria to attract long-term investors, align with global sustainability standards, and still scale local clean energy solutions that create jobs, build resilience, and reduce our carbon footprint.
You have worked with tools like SQL, Python, and Power BI to build real-time dashboards. How do these technologies enhance financial visibility and decision-making in clean energy operations?
Yes, tools like SQL, Python, and Power BI are transforming how clean energy businesses in Nigeria approach financial planning and decision-making. These technologies give manufacturers and investors real-time visibility into what’s happening on the ground, across costs, supply chains, energy use, and more.
First, SQL helps us connect directly to business systems, like inventory databases, procurement logs, or energy bills, and extract clean, structured data. In a Nigerian context, this means we can track the cost impact of exchange rate fluctuations, raw material imports, or local downtime events, without waiting for end-of-month reports.
Second, Python is where the real power lies. It enables us to forecast and simulate scenarios, like the impact of fuel subsidy reforms, interest rate hikes, or disruptions in lithium supply. It also allows us to detect inefficiencies in real time, like excess energy consumption in a battery assembly plant or production delays due to supply chain bottlenecks.
Third, Power BI then takes all of that insight and delivers it in a dashboard that’s understandable, whether you’re a plant manager in Ogun State or an investor in Abuja. These dashboards can show live profit margins, compare the financial performance of different facilities, or track ESG metrics like emissions per unit produced.
In Nigeria, where decisions often need to be made quickly and sometimes with limited data, these tools provide clarity and speed. They help businesses stay ahead of volatility, demonstrate transparency to investors, and optimise costs in a tough operating environment. Ultimately, these tools turn financial planning from a once-a-quarter exercise into a real-time strategic engine, which is exactly what Nigeria’s clean energy sector needs if we want to compete globally and scale sustainably.
As someone who has advised both academic and industry stakeholders, what role do public-private partnerships play in scaling EV manufacturing in the U.S. and potentially in Africa?
Public-private partnerships (PPPs) are not just helpful; they are essential if Nigeria wants to build a competitive and sustainable EV manufacturing ecosystem. Private capital alone cannot shoulder the high costs of setting up local battery production, charging networks, or supply chain infrastructure. What is needed is strategic collaboration between government, industry, and development partners.
Here is how PPPs can make that happen:
The battery production, component assembly, and EV manufacturing plants require upfront investment in land, power, skilled labour, and technology.
A well-structured PPP, where the government provides land, tax breaks, or concessional finance, and private firms bring capital and technology, can unlock large-scale industrial zones for EVs, particularly in resource-rich states like Nasarawa, Ogun, or Kaduna. Also, Nigeria’s national grid is not yet robust enough to support mass EV charging. But through PPPs, we can build solar-powered charging networks, off-grid battery swap stations, and logistics infrastructure. This way, clean mobility grows hand-in-hand with energy resilience.
Furthermore, private investors need clear, long-term policies on tariffs, import duties, EV incentives, and local content rules. PPPs allow for joint risk sharing, where the public sector assumes part of the policy and regulatory risk, while the private sector invests in scalable solutions. This is how we attract foreign direct investment and development finance.
Lastly, Nigeria’s universities and polytechnics must be part of the equation. PPPs can fund technical centres for battery recycling, lithium processing, or EV diagnostics. As someone who has worked across both academia and industry, I see PPPs as the bridge between education and enterprise, ensuring our young population becomes a skilled green workforce.
Ultimately, PPPs in Nigeria must go beyond MOUs; they must be structured around measurable outcomes: jobs created, emissions reduced, infrastructure deployed, and local content achieved. If we get it right, PPPs can transform Nigeria from an EV consumer into a continental leader in clean energy manufacturing.
Your portfolio shows experience in financial reporting, forecasting, and strategic analysis. How do these skills translate into actionable insights for policymakers and investors in the clean mobility space?
Absolutely, financial reporting, forecasting, and strategic analysis are the backbone of turning big ideas into bankable projects and investable policies in the clean mobility space. The investors, whether local banks, DFIs, or international funds, want transparency. Through proper financial reporting, I help clean energy firms track cash flow, cost structures, and capital use in ways that meet global standards. This builds trust and opens doors to green bonds, blended finance, and climate-aligned investment. For policymakers, it provides the clarity to structure incentives and subsidies based on actual industry costs, not guesswork.
Clean mobility is capital-intensive, and timelines matter. My forecasting models simulate different outcomes. What if the naira devaluation increases battery import costs by 25%? What if lithium processing starts locally in two years? These insights help governments time infrastructure investments, adjust EV tariffs, or plan power upgrades with economic realism, not political optimism. In addition, not all cost drivers are obvious. My analysis uncovers where the real friction is; for example, delays at ports affecting inverter delivery, or cash flow risks caused by volatile FX markets. These insights guide both investors (on where to hedge or scale) and policymakers (on where reforms or public-private coordination are urgently needed). By combining these financial tools, I give both sectors the evidence they need to move from aspiration to execution. Whether it’s an EV assembly plant, a solar charging corridor, or a national incentive policy, data must lead the decision.
You have published on topics like “Financial Intelligence and Environmental Sustainability.” How do you see the intersection of finance and sustainability evolving over the next five years?
I believe we’re entering a pivotal phase where financial intelligence and sustainability are no longer separate lanes; they’re merging into one integrated roadmap for national development. Over the next five years, I see this intersection evolving in three major ways:
Firstly, Nigeria will see increased flows of green bonds, ESG funds, and blended finance instruments, but only for projects that can quantify environmental and social returns alongside financial ones. For example, a battery plant or EV charging company that shows clear emission reductions, job creation, and gender-inclusive hiring will stand a better chance of receiving concessional finance. Banks, DFIs, and even the CBN are starting to prioritise sustainable finance guidelines, and private companies must adapt. Financial modelling will now include ESG performance as a standard input.
Secondly, gone are the days of budgeting in silos. Ministries of finance, environment, and energy will increasingly rely on scenario-based financial models to design climate-smart policies. That includes EV tax incentives, land use for solar corridors, and local sourcing rules. I see financial analysts and sustainability officers working side by side, bridging economic and environmental targets.
Thirdly, as Nigeria develops a voluntary carbon market and participates in regional climate compacts, we’ll see a new layer of financial intelligence around carbon pricing, offset verification, and green revenue projections. That opens the door for carbon credits to become a revenue stream for EV companies, battery recyclers, and renewable energy operators. In short, finance will no longer be about cost and revenue alone; it will be about impact, resilience, and long-term value. Professionals who can speak the language of both EBITDA and ESG will define the next generation of leadership in clean energy.
Given the volatility of supply chains and raw material prices, what financial safeguards or adaptive strategies should EV manufacturers prioritize?
That is a critical question. In Nigeria and much of sub-Saharan Africa, EV manufacturers face dual volatility: unpredictable raw material prices and fragile supply chains, often worsened by forex instability, policy shifts, and infrastructure gaps. Financially, we can’t afford to be reactive; we need built-in resilience. Here are four financial safeguards and adaptive strategies I strongly recommend:
1. Multi-tier Supplier Contracts with Price Escalation Clauses: Instead of relying on a single global supplier, manufacturers should negotiate tiered supply contracts that allow price renegotiation within defined bands. These contracts also need escalation clauses tied to commodity indices like lithium or copper, so the business isn’t caught off guard when global prices spike.
2. Localisation of Inputs and Vertical Integration: Financial models should prioritise local sourcing of components wherever possible, from wiring systems to lithium derivatives. Nigeria has untapped reserves and workforce potential. Vertical integration, such as battery pack assembly near mining zones, can reduce logistics costs and hedge against global price shocks.
3. FX Hedging and Cost Modelling in Naira + USD: With naira volatility a constant risk, I advise manufacturers to model costs in both local and foreign currencies, and explore basic FX hedging tools or natural hedges (e.g., sourcing and selling in the same currency zones). This gives boards and lenders a clearer view of financial exposure.
4. Scenario-Based Cash Flow Forecasting: Static financial planning doesn’t work anymore. I build dynamic forecasting models that simulate best-, base-, and worst-case cost environments. For example, we test what happens if lithium prices rise 25%, or grid power is unavailable for a week.
This helps companies adjust CAPEX plans, working capital buffers, or production timelines in advance, not after a crisis hits. In essence, the EV manufacturers who will thrive in Nigeria are those who embed financial flexibility into operational planning. In a volatile world, adaptability is not optional; it’s a competitive edge.
You have served as Chief Economic Advisor to a university asset management group. How did that experience shape your views on equity allocation and clean energy investment?
Serving as Chief Economic Advisor to a university asset management group gave me deep insight into how institutions with long-term missions can align capital allocation with social and environmental goals, a principle that’s especially important in Nigeria’s clean energy space. To start with, I learned that institutional capital, whether from universities, pensions, or sovereign funds, needs evidence-based models.
In Nigeria, clean energy often struggles to attract equity investment because projects aren’t structured with the right financial visibility. My experience taught me to build frameworks where clean mobility and renewable infrastructure are positioned as commercial-grade assets, not donor-dependent ideas.
Again, rather than waiting for large global funds to trickle in, Nigerian institutions can lead by allocating equity into thematic verticals, such as EV component manufacturing, lithium processing, or solar battery storage. My work showed that these themes don’t always fit old asset classes, but they match Nigeria’s industrial and climate goals. That’s how we future-proof portfolios while creating national value. Also, Universities in Nigeria, like UNILAG, ABU, or Covenant, are full of engineering talent, but lack commercialization pathways. My advisory role taught me how endowments and asset groups can partner with faculties to fund pilot projects, incubate startups, or co-invest in cleantech clusters. This bridges education with enterprise and builds local IP.
Overall, that experience shaped my belief that Nigeria does not need to choose between returns and impact. With the right financial intelligence, we can design equity strategies that create jobs, build clean infrastructure, and deliver sustainable returns, all from within our own institutions.
What message would you like to share with emerging financial analysts and economists who aspire to contribute to the future of clean mobility?
To every emerging financial analyst and economist: this is your moment. The global transition to clean mobility isn’t just a technological shift; it’s a financial revolution. And Nigeria needs minds like yours at the centre of it. First and foremost, they should think beyond spreadsheets, model impact. Clean mobility isn’t only about profit; it’s about climate, jobs, infrastructure, and inclusion. Learn to build models that measure not just ROI, but carbon savings, local content, and long-term resilience.
Financial intelligence today must include environmental foresight and social equity. I will also advise them to master the tools that move capital. That is, learn SQL, Python, and Power BI. Understand blended finance, carbon markets, and ESG frameworks. The analysts who understand both financial structuring and sustainability metrics will be the ones unlocking billions in green capital for Africa.
In addition, speaking the language of policy and industry is germane. Nigeria’s future will be shaped by those who can sit at the table with engineers, investors, and policymakers, and translate numbers into decisions.
If you can show how a charging corridor improves regional trade, or how a lithium refinery boosts GDP, you will become indispensable. Our continent cannot afford to copy-paste foreign models. We need original thinkers who are rooted in local realities but fluent in global markets. Clean mobility in Nigeria is not just a sector; it’s a nation-building opportunity. We should not just track the future. We should build it, and use finance as a tool to make clean energy accessible, investable, and equitable.
