According to Dr. Akinwumi Adesina, president of the Africa Development Bank Group (AfDB), Nigeria and other African nations cannot keep importing cars.

According to Adesina, in order for indigenous entrepreneurs and enterprises to prosper, African governments must provide them with the necessary infrastructure, particularly power. He said this while touring Saglev, an electric vehicle assembly factory on the state's outskirts of Imota, Lagos.

He continued to encourage climate-resilient transportation infrastructure and regional sustainable industrial development throughout Africa. Following a visit of the factory, Adesina spoke to reporters and underlined the bank's dedication to Africa's industrialization.

He said that they help business owners and that he is an excellent businessman. They want to make sure that their businesses are also producing cars in Africa. They can't just import cars, can they? Africa's manufacturing is therefore problematic. The African Development Bank considers industrialization to be a component of its activity. This is what the Saglev plant looks like.

He added that in order to reduce manufacturing costs, African industries such as these require infrastructure and power. In connection with it, electric cars need electricity to be charged. For this reason, the bank has linked almost 28 million individuals to energy in the past ten years. Even in Nigeria, they are making significant energy investments.

He believes that Saglev is acting morally in Nigeria. It will be beneficial to assist him. The cost of capital is a constant problem. His equity has been invested in this. Compared to other parts of the world, the cost of capital is five times greater here. With top-notch capabilities to assemble and produce electric vehicles, they may risk financing to Nigerian automakers like this in a number of ways. In order to help businesses like this and their purpose, they also offer lines of credit to several commercial banks in Nigeria. He said that his responsibility is to be a champion and ensure that he always advocates for a worthy cause.