Africa Export-Import Bank (Afreximbank) says its $125 million investment in electric mobility company Spiro is part of a bigger plan to help Africa build its own battery industry, as the lender seeks to move the continent beyond exporting raw lithium and other critical minerals.
Speaking during a press conference on Wednesday at the bank’s headquarters in Abuja, Afreximbank President and Chairman, George Elombi, said the institution is deliberately redirecting capital towards industries that will define the next phase of global industrialisation, particularly electric vehicle (EV) batteries and digital infrastructure.
His comments offer the clearest indication yet that Africa’s multilateral trade finance bank is moving beyond financing mining projects to backing an integrated battery value chain that stretches from mineral processing to battery production and electric mobility.
“We have to begin to process at home,” Elombi told TechCabal in an interview, citing a visit to China’s battery manufacturing hubs in June 2026. “That’s where everyone is heading to. That’s where we should put the money.”
The remarks come as Africa rapidly emerges as one of the world’s fastest-growing lithium-producing regions. According to the African Energy Chamber, the continent holds an estimated 26.7 million tonnes of identified lithium resources, representing about 5% to 6% of global reserves.
