By Abbas Nazil
The Fund for Export Development in Africa (FEDA), the equity investment arm of the African Export-Import Bank (Afreximbank), has announced a $75 million investment in Spiro, Africa’s leading electric two-wheeler company and battery-swapping infrastructure provider.
The strategic investment aims to accelerate the continent’s transition toward clean and sustainable mobility while supporting Afreximbank’s broader automotive strategy to foster industrial integration, local manufacturing, and intra-African trade.
According to a statement on Afreximbank’s website, the investment aligns with efforts to develop Africa’s automotive ecosystem by partnering with technology providers and local industrial players to promote the production and assembly of electric vehicles (EVs) on the continent.
Afreximbank’s President and Chairman of the Board of Directors, Dr. George Elombi, described the partnership as a landmark move toward deepening Africa’s industrial base.
He explained that the collaboration will enhance local vehicle manufacturing, strengthen regional integration, create employment opportunities, and reduce dependence on imported second-hand vehicles.
Dr. Elombi emphasized that the deal lays the groundwork for a new era of intra-African trade and industrialization while facilitating skills and technology transfer across member countries.
For Gagan Gupta, Founder of Spiro, the partnership represents a vital boost to the company’s mission of transforming mobility, energy storage, and distribution across Africa.
He noted that Spiro’s rapid expansion into new markets demonstrates Africa’s growing appetite for affordable and efficient green transportation solutions.
Gupta added that with the support of FEDA, the company plans to expand its battery-swapping network and integrate renewable energy sources to enhance its operational efficiency and energy mix.
Marlene Ngoyi, CEO of FEDA, praised Spiro’s innovative business model, describing it as a shining example of African entrepreneurship delivering both financial returns and positive social impact.
She stated that Spiro’s success underscores the significant demand for affordable and sustainable mobility options across the continent and demonstrates the scalability of its approach.
Established in 2022, Spiro operates Africa’s largest battery-swapping network, managing over 60,000 electric motorcycles and 1,200 swapping stations across several African countries.
The announcement comes amid increasing government support for electric mobility across Africa.
Recently, the Nigerian Senate passed the second reading of a bill to facilitate the nation’s transition to electric vehicles and promote green mobility.
In July, the Nigerian government also launched National Occupational Standards (NOS) for Compressed Natural Gas (CNG) and Electric Vehicles (EVs) as part of broader efforts to reposition the automotive sector and accelerate the clean energy transition.
FEDA invests in sectors such as infrastructure, manufacturing, agribusiness, financial services, technology, and trade-enabling projects, including industrial parks, to drive Africa’s economic growth and sustainability.
The investment marks a significant milestone in Afreximbank’s commitment to advancing clean energy, boosting local manufacturing capacity, and enabling Africa to take a leading role in the global shift toward sustainable transportation.
