AFDB President Adesina supports local EV manufacturing during visit to Lagos-based Saglev plant

AFDB President Adesina supports local EV manufacturing during visit to Lagos-based Saglev plant

 

 

In a move to reinforce his commitment to Africa’s industrial transformation and climate-resilient transport systems, President of the African Development Bank (AFDB), Dr. Akinwumi Adesina, visited the Saglev Electric Vehicle (EV) Assembly Plant in Imota, Lagos.

The Saglev facility, a pioneer in Nigeria’s growing EV sector, is positioning itself as a hub for sustainable automotive innovation. During his visit, Adesina toured the state-of-the-art facility and met with company leadership, underscoring the AFDB’s support for homegrown manufacturing.

“We support entrepreneurs, and he is a great entrepreneur,” Adesina told journalists after the tour. “We want to ensure we have companies that are also manufacturing automobiles in Africa. We can’t just keep importing vehicles — manufacturing in Africa must be prioritized.”

Adesina emphasized that industrialization is a core pillar of the AFDB’s mission. He cited Saglev as a model of what is possible when African entrepreneurs take the lead in clean and modern industrial ventures.

“African manufacturers need power and infrastructure to lower production costs — especially EV manufacturers that also require stable electricity for vehicle charging,” he said. “This is why, over the past decade, the Bank has connected over 28 million people to electricity and continues to invest heavily in Nigeria’s energy sector.”

The AFDB president also acknowledged the financial hurdles entrepreneurs face, highlighting the disproportionate cost of capital in Africa. “The cost of capital here is five times higher than in many parts of the world. Yet, this entrepreneur has committed his own equity to bring this project to life. Helping him will be a valuable investment.”

Adesina noted that the Bank is working to de-risk lending for auto manufacturers in Nigeria and elsewhere on the continent. He also mentioned existing lines of credit provided by the AFDB to commercial banks aimed at supporting industrial ventures like Saglev.

“My role is to be a champion for projects like this,” he said. “Wherever I go, I will continue to champion causes that drive Africa’s industrial growth and climate-smart development.”

The visit marks a significant vote of confidence in Nigeria’s emerging electric vehicle industry and highlights the AFDB’s proactive stance in accelerating green industrialization across Africa.