Afreximbank backs Spiro with $125M to build Africa's battery industry, targeting local lithium processing

Afreximbank invested $125 million in Spiro ($75M equity via FEDA in Oct 2025 + $50M debt facility finalized early 2026) to expand electric motorcycles and battery-swapping stations across Benin, Togo, Rwanda, Uganda, Kenya and Nigeria. The move supports Africa's shift from exporting raw lithium to building domestic battery value chains.

Africa holds 5-6% of global lithium (26.7 million tonnes) but exports most raw, letting others capture battery profits. Nigeria requires local processing for lithium investors, attracting over $1.3 billion in commitments from Chinese firms like Ganfeng for deposits in Nasarawa, Kaduna, Kogi and Kwara states worth $34 billion. Afreximbank's George Elombi says they now fund only those who 'mine and process at home' after seeing China's battery manufacturing hubs.

Challenges remain: few refineries for battery-grade lithium and scarce technical expertise. But with Zambia/DRC's $2.7B battery zone and Morocco's $1.3B gigafactory, Africa aims to design, assemble and manufacture batteries locally. Will Africa's lithium boom create local processing jobs or continue exporting raw minerals?

SOURCE: https://techcabal.com/2026/07/02/afreximbank-bets-bigger-on-africas-battery-future-after-spiro/