Dr. George Elombi, representing the African Export-Import Bank (Afreximbank), has called for an end to the exportation of raw lithium from African countries, including Nigeria. He argues that this mineral, which is vital for electric vehicle (EV) battery production, should be processed within the continent to boost local industrialization.
Addressing the press in Abuja, Dr. Elombi emphasized that Afreximbank is prepared to financially support entrepreneurs and companies interested in establishing local battery manufacturing plants. He stressed that African resources should serve the continent’s development, noting that current funding options should favor local production over raw material shipment. Furthermore, he encouraged the repatriation of African capital held abroad to bolster regional projects.
In the same address, Dr. Elombi criticized the bias shown by international rating agencies toward African financial institutions. He highlighted that such agencies previously questioned the viability of Afreximbank’s trade finance mandate, failing to recognize its importance for regional economic growth.
