Africa Export-Import Bank (Afreximbank) announced its $125 million investment in electric mobility company Spiro is part of a strategy to help Africa build a domestic battery industry, moving the continent beyond exporting raw lithium and 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 redirecting capital towards electric vehicle batteries and digital infrastructure industries. The investment signals the multilateral trade finance bank's shift from financing mining projects to backing an integrated battery value chain spanning mineral processing, battery production, and electric mobility.
Afreximbank Commits $125M to Spiro's Electric Mobility Expansion
Afreximbank and its subsidiaries committed $125 million to Spiro through two facilities. In October 2025, the Fund for Export Development in Africa (FEDA), Afreximbank's impact investment arm, invested $75 million in equity as the anchor investor in Spiro's $100 million funding round, making the bank one of the company's largest strategic shareholders. Afreximbank also extended a separate $50 million debt facility to Spiro, first agreed in 2024 and finalized in early 2026 alongside co-investors including Nithio and the Africa Go Green Fund. The financing will support expansion of Spiro's electric motorcycle fleet and rollout of battery-swapping stations across Benin, Togo, Rwanda, Uganda, Kenya, and Nigeria.
Elombi told TechCabal the bank no longer supports mining-only operations. "If somebody is coming just for the mining and then takes lithium in its raw state abroad, please don't bring him to Afreximbank," he said. "We are no longer interested in anyone who is going to just mine and take it abroad. We want people who mine and process at home." He cited a visit to China's battery manufacturing hubs in June 2026 as informing this approach. "We have to begin to process at home. That's where everyone is heading to. That's where we should put the money."
Africa Holds 26.7M Tonnes Lithium But Exports Raw Materials
Africa holds an estimated 26.7 million tonnes of identified lithium resources, representing about 5% to 6% of global reserves, according to the African Energy Chamber. The continent's share of global lithium production is projected to rise from about 4% in 2023 to nearly 15% by 2028 as new mines come online across Zimbabwe, the Democratic Republic of Congo, Mali, Nigeria, Namibia, and Ghana.
Most African countries continue to export lithium in raw or minimally processed form, allowing overseas manufacturers to capture the highest-value stages of the battery supply chain. Governments are increasingly introducing policies to encourage local processing. Zimbabwe, Namibia, and Ghana have introduced restrictions on raw lithium exports, while Nigeria increasingly requires investors to build processing facilities alongside mining operations.
Nigeria Attracts $1.3B+ in Lithium Processing Investments
Nigeria has attracted more than $1.3 billion in lithium processing commitments from Chinese firms including Ganfeng Lithium, Canmax Technologies, and Jiuling Lithium, according to Nigeria's minister of solid minerals development, Dele Alake. The country's lithium deposits, spread across Nasarawa, Kaduna, Kogi, and Kwara states, are estimated by the government to be worth more than $34 billion.
Morocco and Central Africa Launch Battery Manufacturing Projects
Morocco is building Africa's largest lithium-ion battery gigafactory through a $1.3 billion investment by China's Gotion High-Tech, with plans to eventually expand the facility into a $6.4 billion plant capable of producing 100 GWh annually for European automakers.
Zambia and the DRC are jointly developing a $2.7 billion battery special economic zone designed to manufacture battery precursor materials rather than export lithium, cobalt, and copper in raw form. BloombergNEF estimates that producing battery precursor materials in the DRC could cost roughly one-third of equivalent facilities in the United States while generating significantly lower emissions than comparable production in China.
Technical Expertise Remains Key Constraint
Elombi identified technical expertise as a major constraint despite abundant resources and capital. "We have the resources. We have the money. What we don't have is the expertise," he said. He said his visit to China showed modern EV batteries are made up of hundreds of small cells assembled into highly engineered systems using multiple processed minerals, reinforcing the importance of developing manufacturing capabilities rather than simply exporting raw lithium.
Africa has very few operational refineries capable of producing battery-grade lithium hydroxide or lithium carbonate, the critical materials needed for battery manufacturing. Elombi said future Afreximbank investments will increasingly target companies capable of processing minerals, manufacturing battery components, and building industrial ecosystems around Africa's natural resources.
FAQ
How much did Afreximbank invest in Spiro?
Afreximbank and its subsidiaries committed $125 million total to Spiro through two facilities: $75 million equity investment by FEDA in October 2025 and a $50 million debt facility agreed in 2024 and finalized in early 2026.
What is Africa's share of global lithium reserves?
Africa holds an estimated 26.7 million tonnes of identified lithium resources, representing about 5% to 6% of global reserves, according to the African Energy Chamber. The continent's share of global lithium production is projected to rise from about 4% in 2023 to nearly 15% by 2028.
Which African countries are building battery manufacturing facilities?
Morocco is building a $1.3 billion lithium-ion battery gigafactory through China's Gotion High-Tech investment. Zambia and the DRC are jointly developing a $2.7 billion battery special economic zone to manufacture battery precursor materials.
