Dr. George Elombi, President of the African Export-Import Bank, has called on African governments to pivot from exporting raw lithium toward establishing domestic electric vehicle battery manufacturing facilities. During a media event in Abuja, Elombi emphasized that the continent must leverage its mineral wealth to spark industrial growth instead of acting merely as a supplier of raw materials. He confirmed that Afreximbank is prepared to provide the necessary funding for these battery plants, stating that the bank will prioritize industrial projects over requests for financing raw material exports.
Addressing the broader financial landscape, Elombi criticized international credit rating agencies for maintaining biased, outdated views of African financial institutions. He noted that agencies often undervalue the continent’s progress and ignore the success of strategic initiatives like the Dangote Refinery. The bank has responded to these pressures by diversifying its funding away from Western markets—reducing its reliance on European capital from 80 percent to just 12 percent—while expanding partnerships in Asia and the Middle East.
Elombi argued that moving away from Eurobond markets should not be interpreted as a sign of financial instability. Instead, he highlighted that the bank has successfully tapped into African capital held abroad through its central bank deposit program. By focusing on developmental impact and solid fundamentals, the Afreximbank president maintained that Africa is creating a self-reliant model for economic progress that no longer requires validation from traditional Western benchmarks.
