President and Chairman of the Board of the African Export-Import Bank (Afreximbank), Dr. George Elombi, has called on African countries to stop exporting raw lithium and instead focus on developing local capacity for electric vehicle (EV) battery production.
Speaking at Afreximbank’s Mid-Year Media Roundtable in Abuja on Wednesday, Elombi said Africa must shift from exporting raw minerals to adding value within the continent, particularly in the growing global EV industry.
He noted that lithium, a key raw material for EV batteries, is abundant in Africa and should be processed locally to support industrial growth and job creation.
According to him, Afreximbank is ready to provide financing for individuals and organisations interested in establishing EV battery manufacturing projects across Africa.
He stressed that the continent already has the financial capacity needed for such investments and should prioritise value addition over raw material exports.
Elombi said Africa must take a stronger position in the global energy transition, adding that the continent should not continue exporting resources that could drive its own industrial development.
He also stated that funds held by African institutions abroad should be repatriated to support domestic economic growth and industrial expansion.
“If you know anyone interested in EV battery production, bring them to me. But if someone is looking for funding to export lithium, don’t bring them to me,” he said.
The Afreximbank chief further urged African leaders and financial institutions to collaborate in strengthening local industries and building capacity in strategic sectors.
He also criticised international credit rating agencies, arguing that some of them have historically underestimated Afreximbank’s role in Africa’s development and questioned its trade finance-based model.
Elombi said one rating agency had previously suggested that trade finance was not a strong foundation for development, a view he described as misguided.
