Lagos: The President of the African Development Bank Group, Dr. Akinwumi Adesina, has reiterated the institution’s commitment to bolstering African entrepreneurs and advancing industrial innovation. During a visit to Saglev, a Nigerian electric vehicle assembly and distribution company in Lagos, Dr. Adesina emphasized the pivotal role of the bank in championing African entrepreneurship.
According to African Press Organization, Dr. Adesina’s visit to Saglev Electromobility Nigeria Limited in Ikorodu, Lagos, underscored the bank’s focus on supporting local industries. Saglev, in collaboration with a Chinese automobile group, produces electric vehicles from semi-knocked-down components, targeting both Nigeria and emerging markets. The plant’s current annual capacity stands at 2,500 vehicles on a single shift, with potential expansion to 10,000 vehicles through multiple shifts.
The visit included discussions on challenges facing Nigeria’s automotive sector, such as fiscal policy, logistics, access to finance, and local manufacturing capacity for critical components. Dr. Adesina also explored issues related to battery technology, charging infrastructure, capacity building, and the bank’s commitment to clean energy investments.
Dr. Adesina highlighted the African Development Bank’s significant investments in energy, connecting over 28 million people to electricity over the past decade. He noted Africa’s abundant renewable energy resources, emphasizing the importance of leveraging these for powering homes, offices, industries, and electric vehicles. The global electric vehicle market, valued at $7 trillion today, is expected to reach $59 trillion by 2050, making it a crucial sector for energy transition.
Commending Saglev’s founder, Faleye, for his substantial personal investment in the company, Dr. Adesina acknowledged the high borrowing costs in Africa and the bank’s role in de-risking lending to similar companies. He praised the company’s young engineers and technicians, highlighting their skills and the quality of Nigerian technical education, as well as the company’s efforts toward gender inclusion.
Dr. Adesina also emphasized the importance of the African diaspora in the continent’s development, lauding Faleye for returning to Nigeria to invest in the automotive industry. He noted the significant contributions of the diaspora, not only in terms of the $91 billion remittances sent to Africa annually but also in their knowledge, skills, and commitment to the continent’s growth.