Afreximbank Invests $75m in Support of Spiro’s Electric Vehicles Deployment

Nigeria is set to advance its energy transition initiative as Spiro, Africa’s most extensive and fastest-growing battery-swapping network operating in the country and other African countries, has received financial support from Afreximbank.

The Fund for Export Development in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank), announced a $75 million investment in Spiro, the leading electric two-wheel assembler in Africa with the fastest-growing battery swapping infrastructure.

This investment aligns with Afreximbank’s broader automotive strategy to develop integrated manufacturing ecosystems by fostering strategic partnerships across the entire value chain, from technology providers to local industrial champions.

Founded in 2022, Spiro operates Africa’s most extensive and fastest-growing battery-swapping network. It has more than 60,000 electric motorcycles and 1,200 swapping stations across Nigeria, Kenya, Uganda, Rwanda, Benin, and Togo, and pilot programmes are underway in Tanzania and Cameroon.
Drivers using Spiro’s clean transport network have completed over 26 million battery swaps, enabling more than 800 million kilometres of low-carbon travel across the continent.

Spiro has built a model designed to accelerate the transition from fossil fuel-based transport while enhancing energy efficiency, lowering urban emissions, and expanding affordable access to mobility for millions of Africans.

The investment comes at a pivotal moment, benefiting from pro-electric vehicle policies across key African markets that create an enabling environment for clean mobility adoption. Against this backdrop, Spiro is uniquely positioned to scale rapidly, leveraging its proven business model and expanding battery swapping infrastructure to become a key driver of Africa’s transition to a cleaner, more efficient mobility future.

Professor Benedict Oramah, President of Afreximbank and Chairman of the Board of Directors of Afreximbank and FEDA commented: “We are delighted to partner with Spiro on this transformative initiative. The investment reflects Afreximbank’s strong commitment to building a competitive and sustainable automotive sector in Africa. Together, we are laying the groundwork for a new intra-African trade and industrialisation era by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows. At the same time, we are focused on creating skilled employment opportunities and reducing the continent’s reliance on imported second-hand vehicles.”

The CEO of FEDA, Marlene Ngoyi, said, “Spiro’s success to date is a clear demonstration of the strength and scalability of its business model. 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.”

Gagan Gupta, founder of Spiro, said: “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. 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 can unlock substantial upside in Spiro’s energy distribution.”