If you ride okada or run a dispatch business in Lagos, Ogun or Oyo, the biggest question of 2026 is simple: can an electric motorcycle actually save you money? At its Media Connect event in Lagos this month, EV company Spiro laid out fresh Nigeria targets, battery-swap prices and expansion plans that make that question easier to answer. Here is what was announced, what the numbers mean for an electric bike price in Nigeria comparison, and where the gaps still are.
What Spiro announced
According to reports on the Media Connect event, Spiro Nigeria’s leadership said the company wants to sell 50,000 electric motorcycles by 2027 and put 100,000 bikes on Nigerian roads within two to three years. It also plans to pass 200 energy (battery-swap) stations by 2028.
- Where it operates today: Lagos, Ogun, Oyo and Benue states.
- Network size: more than 100 swap stations and about 11 service stations, both company-run and franchised.
- Usage so far: about 84,000 battery swaps since launching in Nigeria in 2024, per the event reports.
- Next markets: Kano, Kaduna and Abuja are targeted for 2027.
- Local assembly: a plant in Sagamu, Ogun State with capacity of about 30,000 motorcycles, with a plan to scale to a larger facility of 200,000 bikes.
- Staff: about 450 people employed in Nigeria.
The company also showed the Ekon M1 Version 3 electric motorcycle at the event, though no new bike prices were disclosed in the coverage we found.
Battery swapping: how it works and what it costs
Spiro uses a battery-as-a-service model. Instead of waiting to charge, a rider rolls into a station, hands over a depleted battery and takes a charged one. Reports quote the swap at roughly two minutes (one outlet said under a minute), so treat it as “a couple of minutes at most”.
On price, Spiro’s team said a full 100% charge costs ₦1,600, or ₦16 per percentage point. You pay for the difference in charge between the battery you return and the one you take. Each rider gets a vehicle ID and wallet ID that works at stations, including from a basic phone, and a feature to see battery availability and reserve a battery is planned.
Rough running-cost comparison
Spiro’s own earlier figures (reported in September 2025) put a 100 km trip at about ₦2,000 on an electric bike against about ₦3,000 on a petrol bike, a saving of around 36% on fuel and maintenance. The company’s marketing claims up to 40%. These are company numbers, not independent tests, and petrol prices have moved since, so run your own sums:
- Note how many kilometres you ride per day (many commercial riders do 100 km or more).
- Multiply your daily petrol spend by 26 working days for a monthly figure.
- Compare that with swap fees at ₦16 per percentage point of charge used.
- Add the difference in purchase price and any financing cost.
Electric vs petrol: purchase price
This is where the story gets complicated. Spiro’s Ekon was listed at ₦1,440,000 in company-sponsored content from September 2025, with a claimed range of up to 100 km per charge. That article said the figure was close to an average petrol motorcycle price of ₦1.35 million, but that average looks high against typical market listings.
A Nigerian price listing dated August 2026 shows new petrol bikes in a much lower band: Bajaj Discover 125F at ₦170,000 to ₦200,000, Bajaj V15 at ₦200,000 to ₦230,000, Bajaj Pulsar AS150 at ₦320,000 to ₦350,000, and Honda CG-series bikes at ₦250,000 to ₦350,000. Fairly used petrol bikes in the same listing ran from about ₦70,000 to ₦250,000. These are indicative listing ranges, not dealer quotes.
In plain terms: a petrol okada is far cheaper to buy, while an electric bike’s case rests on lower daily running cost over time. Whether that pays back depends on your daily distance, your financing terms and how close you work to a swap station.
Policy tailwind: VAT removal
Coverage of Spiro’s expansion notes that Nigeria removed value-added tax on electric motorcycles earlier in 2025. That helps retail pricing, though import duty rules and exchange-rate swings still affect imported components and bikes.
The honest drawbacks
- Station coverage: over 100 stations is a start, but many riders in Kano, Abuja, Port Harcourt and most of the country have no network yet.
- Power supply: a swap network depends on electricity. Spiro has said its stations use second-life batteries as backup, but erratic grid supply remains a known challenge for the sector.
- Upfront cost: the entry price is several times a basic petrol bike, so financing partnerships matter. Spiro says it plans tie-ups with financial institutions, logistics firms and rider communities, but no financing terms were published.
- State rules: okada restrictions differ by state and can change quickly. Check your state’s rules on commercial motorcycles before buying for passenger transport.
- Rollout pace: one analysis noted Spiro had roughly 5,000 bikes in Nigeria compared with 22,000 in Rwanda, showing how much room there still is to scale.
Who should consider an electric motorcycle now?
The best fit today is a delivery or dispatch rider who covers long daily distances inside Lagos, Ogun or Oyo, works near a swap station, and can access financing or a fleet-owner arrangement. Occasional riders and anyone outside the covered states are usually better served by a reliable petrol bike for now.
FAQ: Electric bikes in Nigeria
How much does a battery swap cost? Spiro says a full charge is ₦1,600, billed at ₦16 per percentage point of charge difference.
How far can an electric bike go? The Ekon was marketed with up to 100 km per full charge. Real range varies with load, road and speed.
Where can I swap batteries? Currently in Lagos, Ogun, Oyo and Benue, with Kano, Kaduna and Abuja planned for 2027.
Is there a local assembly plant? Yes, Spiro has an assembly plant in Sagamu, Ogun State.
Key takeaway
Spiro’s 2027 targets show electric motorcycles are moving from pilot to scale in south-west Nigeria, and a ₦1,600 full swap makes the running-cost case real for high-mileage riders. But the purchase price gap against petrol bikes and the limited station map mean you should do the maths for your own route before switching.
Disclaimer: vehicle prices, import duties and specs change frequently in Nigeria. Always confirm current figures with the dealer or official source before buying. Company savings figures are self-reported.
