The Fund for Export Development in Africa (FEDA), the development‑equity impact investment arm of the African Export‑Import Bank (Afreximbank), has announced a strategic $75 million investment in Spiro, a company dedicated to expanding electric vehicle (EV) use across Africa. This funding aligns with Afreximbank’s broader automotive strategy to create integrated manufacturing ecosystems throughout the continent.
Recent months have seen Nigeria take decisive steps to promote EVs and compressed natural gas (CNG) vehicles as part of its clean‑energy transition. In July, the federal government launched new National Occupational Standards for CNG and EVs, and in November the Nigerian Senate passed a bill aimed at facilitating the country’s shift to electric mobility.
According to Afreximbank President Dr. George Elombi, the partnership between FEDA and Spiro represents a major advance in deepening Africa’s industrial base and boosting intra‑African trade. The investment is expected to stimulate local vehicle manufacturing, strengthen regional integration, and enhance trade flows, while also fostering skills and technology transfer, creating jobs, and reducing reliance on imported second‑hand vehicles.
Spiro founder Gagan Gupta welcomed the investment, saying it will accelerate the company’s mission to transform mobility and energy distribution across Africa. Spiro plans to expand its battery‑swapping infrastructure and integrate renewable energy sources into its mix, unlocking significant upside in energy distribution.
Marlene Ngoyi, CEO of FEDA, highlighted that Spiro’s success demonstrates the strength and scalability of its business model, which has achieved rapid growth and strong market adoption. The company’s integrated approach has built a platform that is both commercially viable and socially impactful, delivering affordable and sustainable mobility solutions throughout Africa.
The FEDA investment is a significant step toward promoting EV growth and a clean‑energy transition on the continent. As Africa continues to develop its automotive industry, partnerships like this will be crucial in shaping the future of transportation and energy distribution. Backed by Afreximbank, Spiro is well positioned to drive innovation and growth in the sector, contributing to a more sustainable and connected Africa.
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