“We Are Champions of African Entrepreneurs” – Adesina Rallies Support for Local Innovation
President of the African Development Bank Group (AfDB), Dr. Akinwumi Adesina, has reaffirmed the Bank’s unwavering commitment to championing African entrepreneurship, industrial innovation, and the continent’s green energy transition.
He made the remarks during a high-profile visit to Saglev Electromobility Nigeria Limited, a pioneering electric vehicle (EV) company based in Lagos.
“Our role as a Bank, and my role as President, is to be a champion of African entrepreneurs,” Dr. Adesina stated during the tour of the facility.
Located in Ikorodu, north of Lagos, Saglev assembles electric vehicles from semi-knocked-down kits through a technical partnership with a Chinese automotive group. The facility currently has an annual production capacity of 2,500 units on a single shift, with plans to scale up to 10,000 units through multiple shifts to serve Nigeria and other emerging markets.
Welcoming the AfDB President, Saglev Chairman and CEO Dr. Sam Faleye recalled a commitment Adesina made during the 2024 Africa Investment Forum in Rabat, Morocco.
“You told me you were going to come here,” Faleye said, hailing the visit as a fulfillment of that promise and a major endorsement of local innovation.
Faleye, a Nigerian-born medical doctor and former Clinical Informatics specialist in the United States, shared his journey back to Nigeria to establish Saglev, saying the decision was driven by a deep desire to contribute meaningfully to the country’s development.
During the tour, Adesina engaged in discussions with Saglev leadership on the key challenges facing Nigeria’s automotive sector, including access to finance, logistics, energy costs, and the lack of local component manufacturing. He also highlighted the Bank’s investment focus on infrastructure, battery technology, and charging systems essential for Africa’s energy transition.
“Electric vehicles run on electricity, and that’s why the African Development Bank has connected over 28 million people to electricity in the last decade,” Adesina said. “Africa has abundant renewable energy, 11 terawatts in solar, 350 gigawatts in hydro, and 150 gigawatts in wind. With these resources, we can power homes, industries, and vehicles sustainably.”
Adesina acknowledged the financial risks Faleye had taken by investing personal capital in Saglev, noting the high cost of capital across Africa. He emphasized that the Bank is ready to support ventures like Saglev through de-risking facilities, lines of credit to commercial banks, and blended financing mechanisms.
“The cost of capital in Africa is three to five times higher than in other parts of the world,” he said. “That’s why the African Development Bank is working to create financing pathways that unlock private sector growth.”
The AfDB President also commended the company’s young engineers and technicians for their skills and professionalism, saying they exemplify the strength of Nigerian technical education. He praised Saglev’s gender inclusion efforts and highlighted the critical role of the African diaspora in driving transformation on the continent.
“Africa’s diaspora is valuable not just for remittances, $91 billion annually, but also for the skills, knowledge, and passion they bring back to build the continent,” Adesina said, applauding Faleye’s bold decision to return and invest in Nigeria’s future.
Adesina was accompanied by his wife, Mrs. Grace Yemisi Adesina, and senior AfDB officials including Vice President for Private Sector, Infrastructure and Industrialization, Solomon Quaynor, and Nigeria Country Department Director General, Dr. Abdul Kamara.
