Afreximbank has called on African countries to stop exporting raw lithium and instead build a competitive EV battery production industry across the continent.
President and Chairman of the Board of African Export-Import Bank (Afreximbank), Dr. George Elombi, has urged African nations to prioritise EV battery production by processing lithium locally instead of exporting the raw mineral. Speaking at the bank’s Mid-Year Media Roundtable in Abuja, he said Africa must take advantage of its vast lithium reserves to create value, strengthen industrial growth and support long-term economic development.
Nigeria, one of Africa’s major lithium producers, exports significant quantities of the mineral, although much of it is reportedly shipped out illegally.
According to Dr. George Elombi, the future of transportation depends increasingly on electric vehicles, making EV battery production a major economic opportunity for the continent. He stressed that Africa should move beyond supplying raw materials and become a manufacturing hub for electric vehicle batteries.
“African mineral resources must work for Africa’s development. EVs are the future of transportation, and the use of lithium to produce EV batteries is taking centre stage in the EV industry.
“Africa must take its position in the EV industry. We have lithium. We should produce EV batteries at home. We simply have to produce them here. There is enough money in Africa to manufacture batteries in Africa.
“If you know anyone who is interested in EV battery production, bring them to me. But if you see someone looking for funding to export lithium, don’t bring them to me.”
Elombi added that Afreximbank has adequate financial resources to support investors interested in establishing EV battery production facilities across Africa.
He also urged African governments and institutions to work together to repatriate African-owned funds held abroad to finance the continent’s development. In addition, he criticised some international credit rating agencies, arguing that they had previously underestimated Afreximbank’s ability to promote Africa’s economic growth and questioned its trade finance mandate.
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