Nigeria's Lithium Potential Fuels Domestic Battery Growth

Kaushik Burman, CEO of Spiro, highlighted Nigeria's lithium resources as pivotal for the growth of the domestic battery industry. Spiro, Africa's largest electric mobility company, plans to deploy 100,000 electric motorbikes and establish 2,500 battery swap stations.

Burman stated that Nigeria should focus on manufacturing and adding value locally rather than importing finished products. The country already has local battery assembly and recycling infrastructure, which can anchor its industrial agenda.

Spiro holds 30 proprietary patents, including technologies for repurposing batteries for second-life storage. The company aims to create a local value chain for lithium sourcing, reducing dependence on imports from China.

The initiative is expected to cut fuel import costs significantly, as Nigeria spends USD 150 billion annually on fuel imports. The battery infrastructure will also facilitate easier financing for electric mobility, addressing historical challenges in asset recovery and lending in Nigeria.