Business

EVs: Afreximbank wants Nigeria, other African countries to stop exporting Lithium

Published

3 hours ago

July 3, 2026

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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.

Business

FG increases domestic borrowing by 241%

Published

3 hours ago

July 3, 2026

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By Elizabeth Adegbesan

As part of the Federal Government (FG) borrowing plan for the 2026 budget, the Central Bank of Nigeria, CBN, has issued Treasury Bills, TBs, to raise N5.8 trillion in the third quarter of 2026 (Q3’26).

This represents a 241 percent year-on-year (YoY) increase when compared to N1.76 trillion sold in Q3’25.

CBN disclosed this in its Nigeria Treasury Bills Issue programme for Q3’26.

Treasury Bills are short term (less than one year) debt instruments used by the apex bank to borrow money from the Nigerian public on behalf of the federal government. CBN also uses TBs to control money supply in the economy.

The TB issue programme commenced on July 1st, and ends on September 23rd, 2026. The settlement date began yesterday and ends on September 24th, 2026.

During the period, the apex bank will issue TBs worth N900 billion on 91 days tenor, N900 billion on 182 days and N4 trillion on 364 days.

A breakdown of the programme revealed that in July, the apex bank plans to issue N2 trillion worth of TBs, comprising N300 billion worth of 91 days bills, N300 billion worth of 182 days bills and N1.4 trillion worth of 364 bills.

In August, the apex bank issued N2.1 trillion worth of TBs, comprising N300 billion worth of 91 days bills, N300 billion worth of 182 days bills, and N1.5 trillion worth of 364 days bills.

In September, CBN plans to sell N1.7 trillion worth of TBs comprising N300 billion worth of 91 days bills, N300 billion worth of 182 days bills and N1.1 trillion worth of 384 days bills.

Business

INNOVATIONS: Enactus, NSE, NCDMB, others partner

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3 hours ago

July 3, 2026

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INNOVATIONS: Enactus, NSE, NCDMB, others partner

By Ebunoluwa Sessou, Cynthia Alo & Precious Enaike

In a bid to accelerate the commercialisation of homegrown engineering solutions capable of addressing Nigeria’s development challenges, Enactus Nigeria, has established a partnership with several organizations and stakeholders to nurture young engineering talents to transform innovative ideas into practical solutions for national development through the Nigerian Engineering Olympiad (NEO).

The organizations in the partnership include the Nigerian Content Development and Monitoring Board (NCDMB), the Nigerian Society of Engineers (NSE), Renaissance Africa Energy Company, First Exploration and Petroleum Development Company (First E&P).

The Olympiad was conceived to bridge the gap between engineering education and industry by transforming students’ innovations into commercially viable businesses.

Speaking at the maiden edition of the competition in Lagos recently, Country Director of Enactus Nigeria, Michael Ajayi, disclosed that 375 applications were received from 984 students across 80 tertiary institutions in Nigeria where only 30 teams qualified for the regional stage but only 12 institutions qualified for the grand finale.

At the end of the competition, students from Modibbo Adama University, Yola, Adamawa State, clinched the grand prize of N50 million and a fully furnished engineering building for their faculty with an innovation known as Ubuntu Sapphire, a community-powered rapid alert system that connects households through low-cost devices to instantly notify neighbours and emergency responders during crises.

The University of Ibadan emerged first runner-up, winning N30 million and engineering equipment worth N75 million for its faculty with Aurora Birth, a health-tech suite designed to reduce neonatal deaths resulting from birth asphyxia in low-resource settings.

The University of Jos secured third place with FarmAnchor, a solar-powered, AI-enabled device that helps smallholder farmers detect crop pests, diseases and soil deficiencies early through multispectral imaging and edge-based machine learning. The team received N20 million, alongside N50 million worth of engineering equipment for its faculty. Ajayi said Enactus Nigeria supports forward-thinking organisations in co-creating and implementing projects that respond to real community needs through data-driven solutions, sustainability principles and entrepreneurial thinking.

“We have remained steadfast in our mission to empower young people to use entrepreneurial action to solve the world’s greatest challenges, starting with those in their immediate communities,” he said.

Delivering a keynote address on behalf of the Executive Vice Chairman and Chief Executive Officer of the National Agency for Science and Engineering Infrastructure, NASENI, Mr. Khalil Suleiman Halilu, the Deputy Director of Engineering Infrastructure Department, Dr. Emmanuel Ajani, said countries that dominate the global economy are not necessarily those endowed with abundant natural resources, but those that continuously innovate, commercialise research and build technology-driven industries.

The post INNOVATIONS: Enactus, NSE, NCDMB, others partner appeared first on Vanguard News.

Business

$1trn economy: FG targets stronger development finance, private capital

Published

4 hours ago

July 3, 2026

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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.