<< Back             Poser >> EVs: Afreximbank wants Nigeria, other African countries to stop exporting Lithium By Emma Ujah President and Chairman of the Board of the African Export-Import Bank (Afreximbank), Dr. George Elombi, has tasked African nations to stop the export of Lithium, the main raw material used in the production of electric vehicle (EV) batteries. Nigeria is a major exporter of Lithium in Africa, though most of the quantity is illegally exported. Speaking at the bank’s Mid-Year Media Roundtable in Abuja on Wednesday, he said that rather than exporting raw lithium, African countries should use it to manufacture EV batteries on the continent. He also said Afreximbank has sufficient funds to finance the production of EV batteries and is ready to provide the necessary funding to any individual or organisation willing to venture into the industry. In his words, “African mineral resources must work for Africa’s development. EVs are the future of transportation, and the use of lithium to produce EV batteries is taking centre stage in the EV industry. “Africa must take its position in the EV industry. We have lithium. We should produce EV batteries at home. We simply have to produce them here. There is enough money in Africa to manufacture batteries in Africa. “If you know anyone who is interested in EV battery production, bring them to me. But if you see someone looking for funding to export lithium, don’t bring them to me.” Dr. Elombi also said African leaders and institutions must work together to ensure that African funds held outside the continent are repatriated to support the region’s development. Some rating agencies biased against Africa Speaking on the bank’s credit ratings, Dr. Elombi, who advocated for African rating agencies, said some global rating agencies initially dismissed Afreximbank as too small and insignificant to drive Africa’s development, while questioning the bank’s trade finance mandate. According to him, one agency’s 2014 assessment suggested that trade finance could not serve as a foundation for development and implied that the bank’s core mandate lacked relevance. Vanguard Business News	Nigeria targets green industrialisation with critical minerals roadmap By Yinka Kolawole Nigeria is positioning its vast critical mineral deposits as the foundation for a new wave of industrial growth, following the unveiling of a strategic roadmap designed to convert the country’s mineral wealth into investments in clean energy manufacturing and domestic value addition. The roadmap, presented by the Council for Critical Minerals Development in […] EVs: Afreximbank wants Nigeria, other African countries to stop exporting Lithium By Emma Ujah President and Chairman of the Board of the African Export-Import Bank (Afreximbank), Dr. George Elombi, has tasked African nations to stop the export of Lithium, the main raw material used in the production of electric vehicle (EV) batteries. Nigeria is a major exporter of Lithium in Africa, though most of the quantity is […] Trade between Ghana and Canada rises 56% to $752m in 2025 Bilateral merchandise and services trade between Ghana and Canada expanded by 56 per cent year-on-year to $752 million in 2025, signalling a structural shift from aid-based engagement to a more trade and investment-led partnership. FG omitted N8.8trn spending worth 2% of GDP from recent budgets — IMF By Yinka Kolawole, with agency report The International Monetary Fund (IMF) has disclosed that the Federal Government (FG) failed to capture public expenditure equivalent to about two per cent of Nigeria’s Gross Domestic Product (GDP) in recent national budgets, creating a mismatch between the country’s reported fiscal deficit and its actual financing needs. IMF’s Resident Representative […] NSC protects N90.6bn, $1.348m for Nigerian shippers By Efe Onodjae The Executive Secretary and Chief Executive Officer of the Nigerian Shippers’ Council (NSC), Dr. Akutah Pius, says the Council protects over N90.60 billion and $1.348 million in economic value for Nigerian shippers through regulatory interventions and dispute resolution. Speaking through a representative at a media engagement with maritime editors and reporters in Lagos, […] FG increases domestic borrowing by 241% By Elizabeth Adegbesan  As part of the Federal Government (FG) borrowing plan for the 2026 budget, the Central Bank of Nigeria, CBN, has issued Treasury Bills, TBs, to raise N5.8 trillion in the third quarter of 2026 (Q3’26). This represents a 241 percent year-on-year (YoY) increase when compared to N1.76 trillion sold in Q3’25. CBN disclosed […]