Lagos: The President of the African Development Bank Group, Dr. Akinwumi Adesina, has reaffirmed the bank’s commitment to supporting African entrepreneurs and industrial innovation during his visit to Saglev Electromobility Nigeria Limited, an electric vehicle assembly and distribution company located in Ikorodu, Lagos. Dr. Adesina emphasized the bank’s role in championing African entrepreneurs and highlighted the importance of infrastructure and clean energy investments in the continent’s development.
According to African Press Organization, Saglev Electromobility Nigeria Limited produces electric vehicles from semi-knocked-down components in collaboration with a Chinese automobile group. The plant, targeting Nigeria and other emerging markets, has an annual capacity of 2,500 vehicles, which can be expanded to 10,000 with multiple shifts. During the visit, Dr. Adesina engaged in discussions on key challenges facing Nigeria’s automotive sector, including fiscal policy, logistics, access to finance, and the lack of local manufacturing capacity for critical components.
Dr. Adesina also explored issues related to battery technology, charging infrastructure, and the bank’s commitment to clean energy investments. He highlighted the bank’s efforts in connecting over 28 million people to electricity in the last decade and the significant renewable energy resources available in Africa. Dr. Adesina noted the global electric vehicle market’s potential growth, emphasizing its importance for the energy transition.
During the visit, Dr. Adesina commended Saglev’s founder, Faleye, for investing his own capital into the company despite the high borrowing costs in Africa. He praised the company for its skilled workforce, highlighting the quality of Nigerian technical education and the importance of gender inclusion. Dr. Adesina also emphasized the role of the African diaspora in the continent’s development, acknowledging Faleye’s contributions to Nigeria’s automobile industry after his return from the United States.
The African Development Bank is committed to de-risking lending to companies like Saglev and providing lines of credit to commercial banks in Nigeria to support such ventures. Dr. Adesina’s visit underscores the bank’s dedication to fostering entrepreneurship and innovation in Africa.