Afreximbank says Spiro investment signals Africa's battery ambitions

Abuja's humid air hangs heavy on a Wednesday morning, as if sensing the significance of the day's events. At the headquarters of the Africa Export-Import Bank (Afreximbank), President and Chairman George Elombi takes to the podium, flanked by officials and journalists. His words, laced with conviction, would mark a turning point in the continent's journey towards industrialisation. "We have to begin to process at home," he declares, echoing a sentiment that resonates deeply with those who have long advocated for Africa's economic self-sufficiency.

Afreximbank's $125 million investment in Spiro, an electric mobility company, is evidence of this newfound ambition. The lender's decision to redirect capital towards industries that will define the next phase of global industrialisation is a deliberate choice, driven by the realisation that Africa's raw lithium and other critical minerals are being exported in their raw form, with little to no value added. As Elombi notes, this is a model that Afreximbank no longer wishes to support. "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 cautions. "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."

Afreximbank's investment in Spiro is part of a larger strategy to help Africa build its own battery industry. The bank's focus on electric vehicle (EV) batteries and digital infrastructure is not a hasty decision, but rather the culmination of a growing awareness that the continent's lithium resources hold immense potential. According to the African Energy Chamber, Africa holds an estimated 26.7 million tonnes of identified lithium resources, representing about 5% to 6% of global reserves. As new mines come online across Zimbabwe, the Democratic Republic of Congo (DRC), Mali, Nigeria, Namibia, and Ghana, Africa's share of global lithium production is projected to rise from about 4% in 2023 to nearly 15% by 2028.

Afreximbank's shift in focus is not merely a response to the continent's growing lithium reserves, but a recognition that the battery supply chain is no longer just about mining and exporting raw materials. The value lies in processing and manufacturing, where Africa's raw materials can be transformed into high-value products. Elombi's visit to China's battery manufacturing hubs in June 2026 was a sobering experience, one that highlighted the need for Africa to invest in its own battery industry. "That's where everyone is heading to," he remarks. "That's where we should put the money."

Afreximbank's investment in Spiro is a significant step towards realising this vision. The bank's commitment of $125 million, through two separate facilities, is a vote of confidence in the electric mobility company's ability to drive Africa's battery ambitions forward. As the continent rapidly emerges as one of the world's fastest-growing lithium-producing regions, Afreximbank's decision to back an integrated battery value chain that stretches from mineral processing to battery production and electric mobility sends a clear message: Africa is no longer content to merely export raw materials. We want to add value, we want to process at home, and we want to drive our own industrialisation.

• Afreximbank's $125 million investment in Spiro is part of a bigger plan to help Africa build its own battery industry.
• The bank's focus on electric vehicle (EV) batteries and digital infrastructure is driven by the realisation that Africa's raw lithium and other critical minerals are being exported in their raw form.
• Africa holds an estimated 26.7 million tonnes of identified lithium resources, representing about 5% to 6% of global reserves.
• Afreximbank's investment in Spiro is part of a larger strategy to help Africa build its own battery industry, with the bank committing $125 million through two separate facilities.

As I reflect on Afreximbank's decision to back Africa's battery ambitions, I am struck by the significance of this moment. It marks a turning point in the continent's journey towards industrialisation, one that requires a fundamental shift in how we approach our natural resources. We can no longer afford to merely export raw materials; we must add value, we must process at home, and we must drive our own industrialisation. What will be the next step in this journey? Will other lenders and investors follow Afreximbank's lead, or will the continent's battery ambitions remain a pipe dream?