By Ayomide Otitoju
The Fund for Export Development in Africa (FEDA), the development equity impact investment arm of the African Export-Import Bank (Afreximbank), has announced a $75 million strategic investment in Spiro, a leading electric mobility company.
The investment aligns with Afreximbank’s broader automotive strategy to build integrated manufacturing ecosystems and foster strategic partnerships across the value chain—from technology providers to local industrial players.
“This investment is fully aligned with Afreximbank’s broader automotive strategy to develop integrated manufacturing ecosystems by fostering strategic partnerships across the entire value chain,” Afreximbank stated on Monday.
Commenting on the development, Dr. George Elombi, President of Afreximbank and Chairman of the Board of Directors of both Afreximbank and FEDA, described the partnership as a major milestone in advancing Africa’s industrialisation and intra-African trade.
“With this partnership, the Bank is laying the groundwork for a new era of intra-African trade and industrialisation by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows,” Elombi said. “Importantly, it fosters skills and technology transfer, creates jobs, and reduces Africa’s reliance on imported second-hand vehicles.”
Spiro Founder, Gagan Gupta, said the partnership will accelerate the company’s mission to transform mobility and energy distribution across Africa.
“We are proud to welcome FEDA as a strategic investor,” Gupta noted. “As we expand our battery-swapping infrastructure and integrate renewable energy sources, we are positioned to unlock substantial growth in energy distribution across the continent.”
Marlene Ngoyi, CEO of FEDA, praised Spiro’s achievements, describing them as a testament to Africa’s capacity for innovation with both economic and social benefits.
“Spiro’s rapid growth and strong market adoption underscore the significant demand for affordable, sustainable mobility solutions across Africa,” she said.
The announcement comes amid Nigeria’s renewed commitment to clean mobility. In July, the Federal Government launched new National Occupational Standards (NOS) for Compressed Natural Gas (CNG) and electric vehicles, followed by the Senate’s second reading of a bill on November 5 aimed at promoting the country’s transition to EVs and green transportation.
