The Fund for Export Development in Africa (FEDA), part of Afreximbank, has committed $75 million to Spiro, the continent’s leading electric two-wheeler and battery-swapping network, to accelerate clean mobility across Africa.
Founded in 2022, Spiro operates Africa’s largest electric motorcycle battery-swapping network, with over 60,000 electric motorcycles and 1,200 swapping stations spanning several countries.
Afreximbank’s move aligns with the increasing push towards electric vehicle adoption by governments in Nigeria, Kenya, Rwanda, and Ghana, which have recently rolled out pro-EV policies. The investment supports not only local vehicle manufacturing but also regional integration and knowledge transfer within Africa’s emerging clean energy ecosystem.
Marlene Ngoyi, CEO of FEDA, said;
Spiro’s success to date is a clear demonstration of the strength and scalability of its business model… it underscores the demand for sustainable mobility solutions across Africa
Spiro’s approach combines commercial viability with social impact, driving practical progress toward cleaner transportation. The Federal Government’s launch of National Occupational Standards for compressed natural gas and electric vehicles further complements these efforts to reposition Nigeria’s automotive industry towards a cleaner future.
