AfDB President Adesina Lauds Saglev EV Plant as Catalyst for Africa’s Industrial Growth
By Daphne Udeneje
Determined to sustain his ongoing efforts in supporting regional industrial development and climate resilient transportation infrastructure across Africa, African Development Bank (AfDB) President Akinwumi Adesina visited the Saglev Electric Vehicle (EV) Assembly Plant in Imota, Lagos, spotlighting the facility as a model for sustainable industrial development and climate-resilient transportation in Africa.
The visit showcase Adesina’s ongoing mission to champion local manufacturing and green infrastructure across the continent.
In an interview with journalists at the plant, Adesina praised Saglev’s founder as a visionary entrepreneur driving Africa’s shift from importing automobiles to producing them locally. “We can’t just be importing vehicles. Manufacturing in Africa is critical, and Saglev exemplifies what we aim to achieve through industrialization,” he said.
The AfDB, he noted, is committed to supporting such initiatives as part of its broader strategy to transform Africa’s industrial landscape.
Adesina highlighted the challenges faced by manufacturers like Saglev, including high production costs due to limited infrastructure and power supply. He emphasized the bank’s role in addressing these barriers, stating, “Over the last 10 years, we’ve connected more than 28 million people to electricity, with significant investments here in Nigeria.
EVs require reliable power for charging, and we’re working to make that a reality.”
The AfDB president also addressed the issue of capital costs, which he noted are five times higher in Africa than in other regions. “Saglev’s founder has invested his own equity, but access to affordable capital remains a hurdle,” Adesina said. “The AfDB is positioned to help by offering risk-mitigation financing and lines of credit through Nigerian commercial banks to support innovative companies like Saglev, which boasts world-class facilities for EV production.
Adesina described his role as a champion for transformative projects, vowing to promote Saglev’s efforts globally. “Supporting Saglev is an investment in Nigeria’s future and Africa’s industrial potential,” he said.
The visit signals the AfDB’s commitment to fostering sustainable, locally driven solutions to meet Africa’s transportation and environmental challenges. Saglev’s state-of-the-art plant, dedicated to assembling electric vehicles, is poised to play a pivotal role in Nigeria’s green economy, aligning with global trends toward cleaner, more sustainable transportation. With the AfDB’s backing, the facility could become a cornerstone of Africa’s push for industrial self-reliance and environmental stewardship.