Anthony Bosun Osibajo is the director of operations of Osquareteck – a renewable energy business accelerating the adoption of electric mobility.
Osibajo was inspired to launch Osquareteck due to his urge to curb climate change and Nigeria’s over-dependence on fuel, especially in the transportation sector.
Osquareteck was registered with the corporate affairs commission (CAC) in November 2018 and started operation in 2019.
Osibajo kick-started the business with N100,000 he got from his savings and family and friends.
“While growing my business, I got support from my friends, family, international agencies, non-governmental organisations (NGO) and several hubs,” he says.
Also, he says he got entrepreneurship training from McKinsey & Co, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), GiZ-Strategic Partnership Technology Africa (SPTA), GiZ Nigerian Energy Support Programme (NESP), and Original Equipment Manufacturers (OEMs).
Osibajo says people’s low awareness of supporting infrastructures that support electric vehicles and lack of access to funding hindered the growth of his business.
“I currently source my raw materials from India, Europe and the USA,” he says.
According to Osibajo, he picked this line of business to reduce greenhouse gas GHG emissions from Nigeria’s environment.
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He aims to create another energy source for Nigeria’s transport sector, reduce unemployment and improve people’s health.
Responding to questions on the challenges limiting his business, he says Nigeria has no policy and regulations on EVs and their components, especially battery packs, which drive investors away from EV technology.
“I was able to deal with these challenges collaborating with agencies locally and internationally,” he says.
Also, he notes that FX volatility has badly affected his business, as it increased the capital expenditure directly, thus affecting the selling cost.
He says his business has been able to address the issue of funding by participating in incubation and mentoring programs that have helped raise funding.
Osibajo says his business’s short-term goals are to reduce GHG emissions on Nigeria’s roads and waterways while creating employment.
On the long-term goals, the entrepreneur says the business plans to establish a smart battery pack assembly plant and manufacture electric vehicles (EV) locally with the use of local raw materials.
“I want to become Africa’s Tesla by developing low-cost EVs and infrastructures for the Nigerian and African market to improve transportation,” he states.
He plans to advance from two and three-wheelers to four-wheelers lightweight vehicles.
Also, he wants to set up a research and development (R&D) institution on battery development and EVs, with no driver, passenger, or cargo drone.
On his advice for other entrepreneurs like him, he says they should be focused, persistent and patient.
“Learn required skills and develop solutions not compromising standards.”
