AfDB President Adesina backs local electric vehicle manufacturing

By Justina Okpanku

President of the African Development Bank (AfDB), Dr. Akinwumi Adesina’s recent visit to Saglev Electric Vehicle (EV) Assembly Plant in Imota, Lagos was to see the progress being made.

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The visit was a sweet nod to the economist’s relentless effort and vote of confidence in Nigeria’s emerging electric vehicle industry, which he has long rooted.

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It was also said to highlight the AFDB’s proactive stance in accelerating green industrialisation across Africa.

The move is to “reinforce his commitment to Africa’s industrial transformation and climate-resilient transport systems.”

As Adesina showed up at Savleg EV plant in Nigeria last Thursday, he said it’s his role to be a champion for projects like Savleg facility, a pioneer in Nigeria’s growing EV sector.

“Wherever I go, I will continue to champion causes that drive Africa’s industrial growth and climate-smart development,” he said.

As a global figure, Adesina is still the same. He delightfully invested in investments success, especially in agriculture when he was Nigeria’s minister some years ago. He collaborated with manufacturers.

“We support entrepreneurs, and he is a great entrepreneur (Chairman of SAGLEV, Faleye),” Adesina told journalists after the tour.

“We want to ensure we have companies that are also manufacturing automobiles in Africa. We can’t just keep importing vehicles. Manufacturing in Africa must be prioritised.”

The Saglev facility is positioning itself as a hub for sustainable automotive innovation. During his visit, Adesina toured the state-of-the-art facility and met with company leadership, underscoring the AFDB’s support for homegrown manufacturing.

Adesina also stressed that industrialisation is a core pillar of the AFDB’s mission.

He cited Saglev as a model of what is possible when African entrepreneurs take the lead in clean and modern industrial ventures.

“African manufacturers need power and infrastructure to lower production costs, especially EV manufacturers that also require stable electricity for vehicle charging,” he said.

He added: “This is why, over the past decade, the Bank has connected over 28 million people to electricity and continues to invest heavily in Nigeria’s energy sector.”

The AfDB president also acknowledged the financial hurdles entrepreneurs face, highlighting the disproportionate cost of capital in Africa.

“The cost of capital here is five times higher than in many parts of the world. Yet, this entrepreneur has committed his own equity to bring this project to life. Helping him will be a valuable investment.”

Adesina noted that the bank is working to de-risk lending for auto manufacturers in Nigeria and elsewhere on the continent.

He also mentioned existing lines of credit provided by the AFDB to commercial banks aimed at supporting industrial ventures like Saglev.