The President and Chairman of the Board of the African Export-Import Bank, Dr. George Elombi, has called on African countries to stop exporting raw lithium and instead use the mineral to manufacture electric vehicle batteries on the continent.
Speaking at the bank’s Mid-Year Media Roundtable in Abuja, Dr. Elombi said Africa must take advantage of its vast lithium reserves to build a competitive electric vehicle battery industry and create greater economic value.
He noted that while Africa possesses significant lithium deposits, the continent should focus on processing the mineral locally rather than exporting it in its raw form.
According to him, Afreximbank has sufficient resources to finance electric vehicle battery manufacturing and is ready to support investors and businesses willing to establish production facilities in Africa.
Dr. Elombi stressed that Africa’s mineral resources should drive the continent’s industrialisation and economic development, adding that the future of transportation lies in electric vehicles.
He also urged African governments and institutions to work together to repatriate African-owned funds held outside the continent and channel them into development projects across the region.
On the issue of international credit ratings, Dr. Elombi argued that Africa needs stronger home-grown credit rating agencies, saying some global rating agencies have historically underestimated Afreximbank’s role in promoting trade and development on the continent.
He said some earlier assessments questioned the bank’s trade finance mandate and underestimated its capacity to contribute meaningfully to Africa’s economic transformation.
