African Export-Import Bank (Afreximbank) President and Chairman of the Board, Dr. George Elombi, has called on Nigeria and other African nations to halt the export of lithium, a critical mineral used in the production of electric vehicle (EV) batteries. Speaking during the bank’s Mid-Year Media Roundtable in Abuja on Wednesday, Elombi argued that Africa must move beyond exporting raw materials and instead focus on building industries that add value to its vast natural resources.
His remarks come at a time when global demand for lithium is soaring due to the rapid growth of the electric vehicle market. Nigeria is among Africa’s major lithium-producing countries, but concerns remain over the significant volume of the mineral that leaves the country through illegal channels. Elombi stressed that continuing to export raw lithium deprives African economies of the opportunity to create jobs, generate wealth, and establish themselves as key players in the future of transportation.
According to him, Africa already possesses the resources needed to become a major force in EV battery manufacturing. He revealed that Afreximbank is prepared to finance battery production projects across the continent and encouraged entrepreneurs and investors to take advantage of the opportunity. Elombi emphasized that the bank would rather support industries that process lithium locally than businesses focused solely on exporting the mineral in its raw form.
“African mineral resources must work for Africa’s development,” he said, noting that electric vehicles represent the future of mobility worldwide. He maintained that the continent cannot afford to remain a supplier of raw materials while other regions reap the benefits of manufacturing and technological advancement. By producing EV batteries locally, African countries could strengthen industrialization efforts, attract investment, and increase their share of the rapidly expanding global green economy.
Beyond the lithium debate, Elombi also called for greater collaboration among African governments and institutions to bring back African funds held abroad and channel them into development projects. He further criticized some international credit rating agencies, accusing them of underestimating Afreximbank’s role in driving economic growth. He reiterated the need for stronger African-owned rating agencies that better understand the continent’s realities and development ambitions.
source: vanguard
