<< 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	Dependence on gold remains key economic risk for Ghana – IMF cautions  Ghana's increasing reliance on gold exports poses risks to the country's economic outlook despite recent macroeconomic gains, the International Monetary Fund (IMF) has cautioned. Dangote Refinery drops PMS to N1,165/litre, diesel to N1,570/litre By Peter Egwuatu Dangote Petroleum Refinery has announced a reduction in the ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel), effective Thursday 6th of August, thereby reaffirming its commitment to providing affordable, high-quality petroleum products to the Nigerian market. The company in a statement said, under the new pricing structure, the […] IMF urges Ghana to end quasi-fiscal activities after GH¢22b domestic gold purchase losses The International Monetary Fund (IMF) has urged the Bank of Ghana (BoG) to end quasi-fiscal activities following losses recorded under the Domestic Gold Purchase Programme (DGPP). NGX Group declares N1.30 interim dividend as H1 profit jumps 146% By Peter Egwuatu The Nigerian Exchange (NGX) Group Plc has declared an interim dividend of N1.30 per ordinary share for the six months ended June 30, 2026, following a strong first-half financial performance driven by increased trading activity and higher investment income. In a statement, the Group reported that revenue surged 118 per cent to N17.60 […] Oando grows half year revenue to N2.1trn Oando Plc has recorded a 20 per cent increase in revenue to N2.1 trillion for the half-year ended June 30, driven by higher crude oil production, improved operational efficiency and cost optimisation. Bank of Ghana insists banks cut non-performing loans to 10% The Bank of Ghana (BoG) has directed commercial banks to reduce their non-performing loan (NPL) ratios to below 10 per cent by the end of 2026.