By Emma Ujah

President and Chairman of the Board of the African Export-Import Bank (Afreximbank), Dr. George Elombi, has tasked African nations to stop the export of Lithium, the main raw material used in the production of electric vehicle (EV) batteries. Nigeria is a major exporter of Lithium in Africa, though most of the quantity is illegally exported.

Speaking at the bank’s Mid-Year Media Roundtable in Abuja on Wednesday, he said that rather than exporting raw lithium, African countries should use it to manufacture EV batteries on the continent.

He also said Afreximbank has sufficient funds to finance the production of EV batteries and is ready to provide the necessary funding to any individual or organisation willing to venture into the industry.

In his words, “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.”

Dr. Elombi also said African leaders and institutions must work together to ensure that African funds held outside the continent are repatriated to support the region’s development.

Some rating agencies biased against Africa

Speaking on the bank’s credit ratings, Dr. Elombi, who advocated for African rating agencies, said some global rating agencies initially dismissed Afreximbank as too small and insignificant to drive Africa’s development, while questioning the bank’s trade finance mandate.

According to him, one agency’s 2014 assessment suggested that trade finance could not serve as a foundation for development and implied that the bank’s core mandate lacked relevance. 

By Progress Godfrey

The Federal Government has called for stronger development finance and greater private capital mobilisation to support its $1 trillion economy ambition, stressing that public funds alone cannot finance the country’s plan.

Speaking at the Bank of Industry (BoI) Development Partners’ Roundtable and presentation of the 2025 Annual Development Impact Report (ADIR) in Abuja, yesterday, Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, said Nigeria must reposition its development finance institutions to attract investment and support productive sectors.

She said the country’s economic reforms were aimed at creating an economy that attracts investment, expands enterprise and creates jobs. According to her, achieving the $1 trillion economy target would require sustained investment, stronger institutions, better project preparation and closer collaboration with development partners.

Uzoka-Anite said Nigeria was building a coordinated financing ecosystem that brings together public finance, domestic and international capital, development finance institutions, commercial finance, climate finance and other innovative financing instruments to unlock investment.

“The aspirations of the Renewed Hope Agenda, the National Development Plan, and Nigeria Agenda 2050 cannot be financed through annual budgets alone,” she stated.

The minister added that every public investment must attract private capital, urging development partners to align their financing with Nigeria’s pipeline of bankable projects to speed up investment and economic growth.

Also speaking, Minister of State for Industry, Trade and Investment, Sen. John Enoh, said BoI had become a strategic institution for implementing Nigeria’s industrial policy through financing for manufacturers, Micro, Small and Medium Enterprises (MSMEs), youth-led businesses and other productive sectors.

He said the recently launched Nigerian Industrial Policy was already being implemented through a clear performance framework, with the first 90-day implementation report highlighting progress in industrial clusters, MSME development, skills training and export competitiveness.

“Development finance must ultimately be measured by the results, by the jobs it creates, by the industries it builds, and the lives it improves,” Enoh said.

Managing Director and Chief Executive Officer of BoI, Dr Olasupo Olusi, said the bank had shifted from measuring success by the volume of loans disbursed to measuring the development impact created by its financing.

He said the ADIR reflected BoI’s commitment to accountability, transparency and measuring the real impact of its interventions on businesses, communities and the wider economy.

Olusi assured that the bank would continue to deepen strategic partnerships and align its financing with Nigeria’s development priorities to promote inclusive growth, industrialisation and shared prosperity.