The President and Chairman of the Board of the African Export-Import Bank (Afreximbank), Dr. George Elombi, has urged African countries to stop the export of Lithium, the main raw material used in the production of electric vehicle (EV) batteries.
Nigeria is a major exporter of Lithium in Africa, though most of the quantity is illegally exported.
Speaking at the bank’s Mid-Year Media Roundtable in Abuja, Dr. Elombi said that rather than exporting raw lithium, African countries should use it to manufacture EV batteries on the continent.
He disclosed that Afreximbank has sufficient funds to finance the production of EV batteries and that it is ready to provide the necessary funding to any individual or organisation willing to venture into the industry.
“African mineral resources must work for Africa’s development. EVs are the future of transportation, and the use of lithium to produce EV batteries is taking centre stage in the EV industry.
“Africa must take its position in the EV industry. We have lithium. We should produce EV batteries at home. We simply have to produce them here. There is enough money in Africa to manufacture batteries in Africa.
“If you know anyone who is interested in EV battery production, bring them to me. But if you see someone looking for funding to export lithium, don’t bring them to me,” local media reports quoted Elombi as saying.
He said that African leaders and institutions should work together to ensure that African funds held outside the continent are repatriated to support the region’s development.
GIK/APA