Nigeria, Africa must stop importing automobiles — Adesina
The President of the African Development Bank Group, Dr. Akinwumi Adesina, has stated that Nigeria and other African countries need to reduce their dependence on imported vehicles.During his visit to Saglev, an electric vehicle assembly facility in Imota, Lagos, Adesina highlighted the importance of government investment in essential infrastructure—especially in power—to aid local entrepreneurs and industries.
This visit forms part of his larger initiative to encourage sustainable industrial growth and climate-friendly transportation systems throughout the continent.
He remarked, “We are here to support entrepreneurs, and he is an exemplary one. Our goal is to ensure that we have companies manufacturing vehicles within Africa. Relying solely on the importation of automobiles is not viable. Therefore, industrial manufacturing in Africa poses a challenge. As the African Development Bank, our mandate includes industrialization. What you see today at the Saglev facility exemplifies that.
“African manufacturers like this require power and infrastructure to reduce production costs. Additionally, electric vehicles depend on power for charging. That is why, over the past decade, we have connected over 28 million people to electricity. We are making significant investments in energy, including here in Nigeria.
“Saglev is making significant strides in Nigeria. Supporting them will prove to be a valuable asset. The cost of capital remains a persistent issue. The founder has invested his own equity into this venture. The cost of capital in Nigeria is five times higher than in other regions. We are positioned to assist in various ways by providing risk lending to Nigerian auto manufacturers like this, which have world-class facilities for assembling and producing electric vehicles.
“We also offer credit lines to numerous commercial banks in Nigeria to support enterprises like this, and part of my role is to advocate and ensure that I promote positive initiatives wherever I go.”
Dr. Gbenga Faleye, the Chairman of Saglev, pointed out that the demand for electric vehicles is increasing swiftly, and the plant is currently struggling to meet this demand. He mentioned that with sufficient capital infusion, the production capabilities could be greatly enhanced.
He reiterated the company’s dedication to promoting electric mobility in Nigeria and throughout Africa, while urging the removal of existing trade and infrastructure obstacles.
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