The Fund for Export Development in Africa (FEDA), the development equity and impact investment arm of the African Export-Import Bank (Afreximbank), has announced a $75 million strategic investment in Spiro, a leading electric vehicle (EV) company focused on promoting sustainable mobility across the continent.
The investment is part of Afreximbank’s broader strategy to develop an integrated automotive ecosystem in Africa, supporting local manufacturing, fostering technological innovation, and creating employment opportunities. Through this partnership, the bank aims to strengthen the continent’s industrial base while promoting intra-African trade and reducing dependence on imported second-hand vehicles.
Dr. George Elombi, President of Afreximbank and Chairman of FEDA, described the partnership as a milestone in Africa’s industrialisation and green mobility agenda.
“This investment marks a significant step toward enhancing Africa’s industrial capabilities. It will stimulate local vehicle production, support skills transfer, and encourage regional integration. Most importantly, it aligns with our mission to reduce reliance on imported vehicles while creating sustainable employment opportunities,” Dr. Elombi said.
Gagan Gupta, Founder of Spiro, welcomed the investment, highlighting its potential to accelerate the company’s growth and impact.
“With FEDA’s strategic support, Spiro will expand its battery-swapping infrastructure, integrate renewable energy into our operations, and scale rapidly across new African markets. Our goal is to provide clean, affordable, and efficient transportation solutions that meet the continent’s growing demand for sustainable mobility,” Gupta stated.
Marlene Ngoyi, CEO of FEDA, emphasized Spiro’s success as an example of how African innovation can deliver both commercial returns and social impact.
“Spiro demonstrates the strength and scalability of African business models. Its rapid growth reflects the increasing demand for accessible, sustainable mobility solutions across the continent, showing that businesses can be profitable while driving meaningful social change,” Ngoyi said.
The announcement aligns with ongoing efforts by the Nigerian government to accelerate the country’s transition to clean energy. In July 2025, Nigeria introduced new National Occupational Standards (NOS) for Compressed Natural Gas (CNG) and Electric Vehicles (EVs) to reposition its automotive industry and enhance technical skills in emerging green sectors. Building on this, the Nigerian Senate passed the second reading of a bill on November 5, 2025, aimed at facilitating the nation’s adoption of electric vehicles and promoting environmentally friendly transportation solutions.
Industry analysts note that Africa’s EV market is still nascent but holds significant growth potential. Investments such as FEDA’s in Spiro are critical in fostering local industrial capacity, reducing environmental impact, and promoting sustainable urban mobility. By supporting the development of integrated energy and transportation solutions, Africa can reduce its reliance on imported vehicles, create new jobs, and stimulate regional economic growth.
Dr. Elombi added that the partnership reinforces Afreximbank’s commitment to fostering intra-African trade, strengthening supply chains, and supporting local innovation in the clean energy and automotive sectors. For Spiro, the collaboration provides both the capital and strategic backing needed to expand operations across the continent and meet growing market demand for sustainable transportation.
With this investment, Afreximbank and FEDA are driving Africa closer to a green mobility future, combining industrial growth with environmental sustainability and social impact.
