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Nigerian Startup to Raise $100 Million in EV Push

  • Startup plans to deploy EVs in ten African countries by 2023
  • Metro Africa seeks partners to make electronic vehicle parts

Metro Africa Xpress Inc., -a Nigerian vehicle subscription startup, plans to raise $100 million to deploy electric vehicles in 10 African countries as demand for cheap, low-emissions transport increases. 

The company, backed by private-equity firm Lightrock LLP, expects to raise the funds by “the end of 2023,” enabling it to operate in countries including Cameroon, Uganda and Egypt, David Hoyme, director of international expansion, said in an interview. The firm currently has operations in Nigeria and Ghana.