The Fund for Export Development in Africa (FEDA), the equity investment arm of the African Export-Import Bank (Afreximbank), has announced a $75 million investment in Spiro, a leading African electric vehicle company, to accelerate the growth of e-mobility across the continent.
The funding represents a significant boost for Africa’s transition to sustainable transport solutions, particularly in the two- and three-wheeler segment, where Spiro has established itself as a market leader.
FEDA’s investment will support Spiro’s plan to expand its battery-swapping and charging infrastructure, scale local assembly, and increase its fleet of electric motorcycles across multiple African countries.
The company currently operates over 60,000 electric motorcycles and more than 1,200 battery-swapping stations, making it Africa’s largest electric mobility network.
According to FEDA, the investment aligns with Afreximbank’s broader strategy to promote green industrialisation, intra-African trade, and sustainable transport systems that reduce dependence on imported fossil fuels.
Driving Sustainable Industrial Growth
President of Afreximbank and Chairman of FEDA’s Board, Prof. Benedict Oramah, said the investment marks a crucial step in building Africa’s capacity for clean energy mobility and manufacturing.
“This partnership will drive value addition, strengthen regional trade integration, and position Africa as a key player in the global electric vehicle ecosystem,” he stated.
Spiro’s CEO, Gagan Gupta, expressed optimism that the investment will enable the company to accelerate its mission of transforming mobility and energy distribution across Africa.
“With FEDA’s support, we will scale up our infrastructure, enhance local manufacturing, and make electric mobility accessible and affordable for millions of Africans,” Gupta said.
The partnership between FEDA and Spiro comes amid rising interest in electric vehicle adoption across the continent, as governments and private investors push for carbon reduction and energy diversification.
Countries like Nigeria, Kenya, and Rwanda have already introduced incentives for e-mobility and battery technology investments, with the goal of creating new jobs and reducing fuel import costs.
FEDA noted that its investment in Spiro will further promote innovation, technology transfer, and local value-chain development, advancing Africa’s economic and environmental resilience.
