Afreximbank Eyes Africa's Battery Future With $125M Spiro Bet

From Raw Exports To Local Processing

Africa is emerging as one of the fastest-growing lithium-producing regions. The African Energy Chamber estimates the continent holds roughly 26.7 million tonnes of identified lithium resources, about 5% to 6% of global reserves, with production projected to climb from around 4% of the global total in 2023 to nearly 15% by 2028 as new mines open across Zimbabwe, the DRC, Mali, Nigeria, Namibia and Ghana.

Yet most of that output leaves the continent in raw or minimally processed form, allowing overseas manufacturers to capture the highest-value stages of the supply chain. Several governments are moving to change that. Zimbabwe, Namibia and Ghana have restricted raw lithium exports, while Nigeria increasingly requires investors to build processing plants alongside mines. According to Nigeria's solid minerals minister Dele Alake, the country has already drawn more than $1.3 billion in lithium processing commitments from Chinese firms including Ganfeng Lithium, Canmax Technologies and Jiuling Lithium, with government-estimated deposits worth over $34 billion.

Spiro As A Demand Engine

Afreximbank's Spiro commitment came through two facilities. In October 2025, its impact investment arm FEDA anchored the company's $100 million round with a $75 million equity injection, while a separate $50 million debt facility, agreed in 2024 and finalised in early 2026, was completed alongside co-investors Nithio and the Africa Go Green Fund. The financing supports Spiro's expanding fleet of electric motorcycles and battery-swapping stations across Benin, Togo, Rwanda, Uganda, Kenya and Nigeria.

Elombi framed such firms as demand engines that could justify domestic battery manufacturing. Elsewhere, momentum is building: Morocco is developing Africa's largest lithium-ion gigafactory via a $1.3 billion investment from China's Gotion High-Tech, targeting eventual 100 GWh annual output for European automakers, while Zambia and the DRC are jointly planning a $2.7 billion battery precursor economic zone.

The Expertise Gap

Significant hurdles remain. Africa has abundant reserves but few refineries capable of producing battery-grade lithium hydroxide or carbonate. "We have the resources. We have the money," Elombi said. "What we don't have is the expertise." BloombergNEF estimates precursor production in the DRC could cost roughly a third of equivalent US facilities while generating lower emissions than comparable Chinese output—a competitive edge Afreximbank hopes to translate into a homegrown industrial base.