Adesina backs SEGLEV’s EV plant, pledges support for auto, clean energy growth

As part of his continued push for sustainable industrial growth and climate-resilient transport infrastructure across Africa, the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, on July 31, 2025, paid a visit to the Saglev Electric Vehicle Assembly Plant located in Imota, Lagos.

The visit underscored AfDB’s commitment to fostering homegrown automotive manufacturing capabilities and advancing clean energy solutions on the continent.

Speaking with journalists during the tour, Dr. Adesina praised Saglev’s entrepreneurial vision and affirmed the bank’s readiness to provide strategic support for Africa-based electric vehicle (EV) production initiatives.

“We support entrepreneurs—and he (Saglev Chairman Dr. Gbenga Faleye) is a great one,” Adesina said.

 “We want to ensure that Africa doesn’t remain a dumping ground for imported vehicles. Manufacturing automobiles here is a necessity, and what we see at the Saglev plant is a model for what’s possible across the continent.”

The AfDB chief emphasised the importance of local manufacturing in reducing production costs and boosting job creation, but stressed that reliable power and infrastructure remain critical for success.

“African manufacturers need stable electricity and infrastructure to cut production costs. And when it comes to electric vehicles, power is doubly important—not just for factories, but for charging the cars,” he explained.

“That’s why at the African Development Bank, we’ve connected over 28 million people to electricity in the last decade and are making significant investments in the Nigerian power sector.”

Adesina acknowledged the high cost of capital as a major obstacle for industrial startups, particularly in the automotive space.

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He commended Saglev’s founder for investing equity into the plant despite these challenges and assured that the Bank is positioned to offer financial tools to mitigate risk for local auto manufacturers.

“The cost of capital in Nigeria is five times higher than in many parts of the world. That’s a huge burden for entrepreneurs,” he noted.

“We are ready to help reduce the risk and create enabling conditions for companies like Saglev to thrive. Their world-class facility is not only assembling but manufacturing electric vehicles right here in Nigeria, and that’s a game changer.”

He also revealed that the AfDB provides lines of credit through commercial banks in Nigeria to enable financing for innovative ventures like Saglev.

He pledged to continue championing African-led industrial initiatives wherever possible.

“Our role—and my personal role—is to be a champion of transformational ideas. Wherever I go, I make it a point to promote and support initiatives like this because they represent Africa’s future,” Adesina said.

The visit is seen as a significant endorsement of Saglev’s operations and a broader signal of AfDB’s strategic push for green industrialisation and sustainable transport solutions in Africa.