Afreximbank Commits $125M to Spiro, Backing Africa's Battery Industry Push

According to Afreximbank President George Elombi at a press conference in Abuja on Wednesday, the African Export-Import Bank has committed a combined $125 million to electric mobility company Spiro, signaling its shift away from financing raw mineral exports toward building an integrated battery value chain in Africa. The bank's impact investment arm invested $75 million in equity in October 2025, while a separate $50 million debt facility was finalized in early 2026 with co-investors. "We want people who mine and process at home," Elombi said, adding that Afreximbank will no longer fund projects that export unprocessed lithium.

Africa holds an estimated 26.7 million tonnes of identified lithium reserves, about 5-6% of global supplies, but most countries currently export raw ore, losing higher-value manufacturing stages to overseas producers. Zimbabwe, Namibia and Ghana have restricted raw lithium exports, while Nigeria has attracted over $1.3 billion in processing commitments from Chinese firms. Morocco is building Africa's largest lithium-ion battery factory with a planned $6.4 billion investment by Gotion High-Tech, while Zambia and the DRC are developing a $2.7 billion battery special economic zone.