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ADB To Assist SAGLEV In EV Manufacturing Promise To Connect Over 28 Million Africans To Electricity In 10 Years.

The African Development Bank (ADB) has affirmed its Commitment to Supporting SAGLEV Electromobility Limited, the only fully electric vehicle assembly plant in West and sub-Saharan Africa, as part of its efforts to promote industrialization and sustainable development on the continent.

During a recent visit to SAGLEV’s state-of-the-art assembly plant in Imota, Lagos, ADB President Dr. Akinwunmi Adesina emphasized the bank’s dedication to supporting African entrepreneurs and manufacturers. “We support entrepreneurs, and SAGLEV is a great example,” Dr. Adesina said. “Manufacturing in Africa is a challenge, but we believe it’s crucial for our development. That’s why we’re investing in initiatives like SAGLEV’s electric vehicle assembly plant.”Dr. Adesina highlighted the bank’s efforts to address key challenges facing manufacturers in Africa, including access to power and infrastructure. “We’ve connected over 28 million people to electricity in the last 10 years, and we’re committed to continuing this investment in energy infrastructure,” he said.

The ADB president also emphasized the bank’s role in providing support to companies like SAGLEV, including lines of credit and risk mitigation measures. “Our role is to champion good causes and support entrepreneurs who are doing the right thing,” he said. “We’ll continue to work with companies like SAGLEV to help them grow and succeed.”SAGLEV’s electric vehicle assembly plant is a significant step towards promoting sustainable transportation in Africa, and the ADB’s support will help to drive growth and development in the sector.By supporting initiatives like SAGLEV, the ADB is demonstrating its commitment to promoting industrialization, sustainable development, and economic growth in Africa.