Afreximbank announced on Tuesday in Abuja that it committed $125 million in financing to Spiro through two separate facilities to support Africa’s battery industry. According to Afreximbank President George Elombi, the investment aims to help the continent move beyond exporting raw minerals by fostering local design, assembly, and manufacturing of electric vehicle batteries.
FEDA, Afreximbank’s development equity impact investment arm, became the anchor investor in Spiro’s $100 million funding round in October 2025, according to a press release issued from Kigali, Rwanda, on Nov. 10, 2025. This equity stake makes Afreximbank one of Spiro’s largest strategic shareholders, officials said. The $50 million debt facility was first agreed in 2024 and finalized in early 2026 with participation from co-investors including Nithio and the Africa Go Green Fund, according to Afreximbank’s announcement.
Afreximbank’s $125 million commitment to Spiro is structured through two separate financing facilities: a $75 million equity investment by the Fund for Export Development in Africa (FEDA) and a $50 million debt facility.
At a press conference held at Afreximbank’s headquarters in Abuja, President and Chairman George Elombi said the bank is “deliberately redirecting capital towards industries that will define the next phase of global industrialisation,” explicitly naming electric vehicle (EV) batteries and digital infrastructure. Elombi described companies like Spiro as “creating the demand needed to build a domestic battery industry,” thereby laying the groundwork for Africa to design, assemble and eventually manufacture batteries locally. He framed the investment as part of a broader strategy to move Africa beyond exporting raw lithium and other critical minerals, aiming instead to capture more value through downstream battery production.
Spiro is described by FEDA as “the leading electric two-wheel assembler in Africa” with the continent’s fastest-growing battery swapping infrastructure. The company’s business model centers on assembling electric motorbikes and operating battery swapping networks, creating recurring demand for batteries and generating operational data that can support local battery manufacturing and lifecycle management, according to Afreximbank sources. TechCrunch reported on Oct. 21, 2025, that Spiro’s $100 million raise, led by FEDA, marks Africa’s largest-ever EV mobility investment and cements Spiro as the continent’s most aggressive electric motorbike company.
Spiro plans to deploy more than 100,000 electric bikes across Africa by the end of 2025, representing a 400% year-over-year increase in fleet size. This rapid expansion directly increases demand for batteries and battery swapping infrastructure, officials said. Afreximbank’s leadership has pointed to Spiro’s growth as catalytic for developing a domestic battery industry, creating the demand-side anchor necessary for sustainable local manufacturing and assembly.
The combined equity and debt investments reflect Afreximbank’s blended finance approach designed to scale commercial e-mobility operations while advancing broader policy goals of establishing an indigenous African battery ecosystem. The bank’s narrative explicitly connects the Spiro deal to Africa’s ambitions in electrification and industrialization, treating battery value chains as central to the continent’s future role in the global energy transition.
FEDA’s official statement described the $75 million equity investment as a “strategic investment in Spiro to accelerate Africa’s electric mobility transition,” underscoring its impact-focused development mandate. Media contact for Afreximbank’s announcement was listed as Vincent Musumba, Communications and Events Manager, reachable at [email protected]. The bank’s press conference in Abuja, where Elombi outlined the strategic rationale, took place on a Wednesday, though the exact date was not specified.
The strategic investment follows Afreximbank’s broader industrial policy orientation toward supporting sectors that define “the next phase of global industrialisation.” By backing Spiro’s electric two-wheeler assembly and battery swapping networks, Afreximbank aims to anchor demand for batteries within African markets, a critical step officials say is necessary for developing technical and industrial capabilities around batteries. This approach seeks to shift Africa’s role from primarily exporting raw minerals to participating in higher-value segments of the global battery supply chain.
Spiro’s rapid fleet expansion and infrastructure rollout provide a platform for learning-by-doing in battery deployment, maintenance, and swapping operations. These elements are viewed as essential for building the technical expertise and industrial base needed for local battery manufacturing and servicing capabilities. The $100 million funding round led by FEDA is described as the largest e-mobility investment ever made on the continent, highlighting the scale of capital Afreximbank is mobilizing to support Africa’s emerging EV market.
As of late 2025, Spiro’s operational targets and Afreximbank’s financing commitments position the company and the bank at the forefront of Africa’s electric mobility and battery value chain development. The $50 million debt facility, finalized in early 2026, alongside the $75 million equity stake, underscores a multi-year commitment to scaling Africa’s battery ecosystem and supporting the continent’s industrial transition.
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