AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– He made these remarks during the ongoing AfDB Annual Meetings in Sharm el-Sheikh, Egypt.
Dr. Adesina emphasized that Africa should know from prior blunders and venture on its reserves to vigorously take part in in the electric vehicle revolution. He accentuated the desire for the mainland to avert reiterating historical misconceptions and rather influence its capacity to maximize usefulness from the growing global need for electric vehicles.
Dr. Adesina said Africa must not make similar errors of the past but must maximize its resources and be a part of the electric vehicle revolution.
“Africa stands to be able to attract billions of dollars in private investments for green global transport systems. As the world moves to transition to electric vehicles, Africa must set itself up to manage green lithium batteries to tap into the future market of electric vehicles that some projections estimate will run into several trillions of dollars in the future.
“That is because Africa has 80% of the global deposits of platinum and 50% of the global deposits of cobalt, 40% of nickel, and substantial deposits of lithium. The cost of establishing a lithium-ion precursor factory in Africa is three times less expensive than in China and the United States.”
Dr. Adesina similarly emphasized the demand for both the public and private sectors to work in tandem to green the continent. He said all stakeholders must do more to green the infrastructure space of Africa through private sector financing and that is why the African Development Bank (AfDB), Africa50, and partners, launched the Alliance for Green Infrastructure in Africa (AGIA).
Adesina said AGIA intends to expedite private sector investments in renewable energy, green urban infrastructure systems, green hydrogen, and climate-resilient infrastructure.
AGIA hopes to mobilize $500 million for project development financing using private equity platforms and $10 billion of private sector financing for green infrastructure in Africa. AfDB President noted.
He also highlighted the fact that the AfDB also utilizes mixed financing to stimulate private investments in electricity. He noted: “We are implementing with public and private sectors a $20 billion desertto-power program to develop 10,000 megawatts (MW) of electricity using solar in the Sahel and provide electricity for 250 million people.”
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent