The Fund for Export Development in Africa (FEDA), the impact investment arm of the African Export-Import Bank (Afreximbank), has announced a $75 million investment in Spiro, Africa’s leading electric two-wheeler manufacturer and battery-swapping infrastructure provider.
The deal represents one of the most significant commitments to the continent’s electric vehicle (EV) sector, reinforcing Africa’s transition to sustainable transportation.
According to Afreximbank, the investment aligns with its broader automotive strategy to create integrated manufacturing ecosystems across Africa. The goal is to build value chains that connect technology providers, industrial champions, and regional partners, driving industrialization and job creation.
FEDA’s announcement comes as African governments roll out policies to promote EV adoption in Nigeria, Kenya, Rwanda, and Ghana. In Nigeria, lawmakers recently passed the second reading of a bill supporting EV transition, signaling growing policy momentum toward clean energy mobility.
Afreximbank’s Vision for Industrialization
Dr. George Elombi, President of Afreximbank and Chairman of FEDA’s Board, described the partnership as “a major step toward deepening Africa’s industrial base and promoting intra-African trade.” He emphasized that the collaboration will stimulate local vehicle manufacturing and foster technology transfer.
“I am delighted that the partnership between FEDA and Spiro has now been consummated,” Elombi said. “With this partnership, the Bank is laying the groundwork for a new era of intra-African trade and industrialisation by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows. Importantly, it fosters skills and technology transfer as well as creates employment opportunities and reduces the continent’s reliance on imported second-hand vehicles.”
Driving Green Mobility and Energy Access
Spiro’s Founder, Gagan Gupta, said the funding will accelerate the company’s expansion across Africa and deepen its integration of renewable energy solutions. He noted that Spiro’s growth reflects the continent’s appetite for affordable and efficient clean transportation.
“We are proud to welcome FEDA as a strategic investor as we accelerate the growth of Spiro’s mission to transform mobility, energy storage, and distribution across Africa,” Gupta said. “Spiro’s rapid expansion into new markets reflects the continent’s strong appetite for clean, affordable, and efficient transportation. As we expand our battery swapping infrastructure and integrate renewable energy sources into our energy mix, we are positioned to unlock substantial upside in Spiro’s energy distribution.”
African Innovation with Social Impact
FEDA’s CEO, Marlene Ngoyi, highlighted that Spiro’s model demonstrates how African innovation can drive both profit and impact. She said the company’s success underscores the demand for scalable, sustainable solutions.
“‘Spiro’s success to date is a clear demonstration of the strength and scalability of its business model,’” Ngoyi said. “‘The company’s rapid growth and strong market adoption underscore the significant demand for affordable, sustainable mobility solutions across Africa. With its integrated approach, Spiro has built a platform that is both commercially viable and socially impactful.’”
Building Africa’s EV Ecosystem
Founded in 2022, Spiro operates over 60,000 electric motorcycles and 1,200 battery-swapping stations across several African countries, making it the continent’s largest EV network. The company’s infrastructure is reshaping transportation while reducing carbon emissions and fuel dependence.
FEDA’s investment complements recent government initiatives such as Nigeria’s launch of new National Occupational Standards for Electric Vehicles (EVs) and Compressed Natural Gas (CNG). Together, these moves aim to reposition the automotive industry and fast-track Africa’s clean energy transition.
FEDA continues to invest in critical sectors including infrastructure, manufacturing, agribusiness, financial services, and trade-enabling industrial parks. The Spiro investment is a signal of growing investor confidence in Africa’s green economy and its potential to drive inclusive growth.
