President Bola Ahmed Tinubu has challenged the African Export-Import Bank (Afreximbank) to take a leading role in mobilising Africa’s financial, human and natural resources to accelerate industrialisation, declaring that the continent must move beyond rhetoric and embrace practical measures that will drive manufacturing, value addition and economic transformation.
The President made the call on Tuesday while receiving a delegation from Afreximbank, led by its President and Chairman of the Board, Dr. George Elombi, at the State House in Abuja.
Tinubu said Africa possesses abundant natural and human resources but has continued to lose economic opportunities by exporting raw materials instead of developing industries that add value and create jobs.
According to him, the continent’s future depends on stronger collaboration among African governments and financial institutions to finance industrial projects capable of transforming local economies.
“The conscience and the future of Africa depend on what you and your team can do and will do for Africa as a whole, and the time has come for us to start doing things together as Africans,” the President said.
He added: “We have what it takes to build this continent. Do we continue to exploit and export raw materials without value addition? That answer is no.
“We have solid mineral deposits such as lithium and others that can be used, and you, as the financial partner, should be able to come with investment guarantees for the production and value addition in batteries and other manufacturing ecosystems.”
Tinubu said his administration’s economic reforms, including the removal of fuel subsidy and the unification of Nigeria’s multiple foreign exchange windows, were difficult but necessary decisions aimed at eliminating corruption, restoring investor confidence and laying the foundation for sustainable economic growth.
He stressed that industrialisation cannot succeed without adequate financing and critical infrastructure, urging Afreximbank to deepen its support for projects capable of creating jobs and expanding intra-African trade.
The President also highlighted his administration’s efforts to convert longstanding security and economic challenges into opportunities, citing the establishment of the Federal Ministry of Livestock Development as a strategic intervention to address the recurring farmer-herder conflict while unlocking economic potential in the livestock sector.
“I created the Livestock Ministry to create economic opportunities for Africans. The cotton, ginnery and garment industries are job creators. If we partner well and incorporate these ideas and do less talking and really put our heads into developmental programmes, we can turn it around,” Tinubu said.
The President further urged the continental lender to work closely with the Bank of Agriculture to finance agricultural value chains, particularly in cocoa, palm kernel, palm oil and other export-oriented commodities, saying investments in processing and value addition would strengthen Africa’s economic future.
Speaking during the meeting, the Minister of State for Industry, Senator John Owan Enoh, said the Tinubu administration’s Eight-Point Renewed Hope Agenda has positioned industrialisation at the centre of Nigeria’s economic diversification strategy.
Enoh said government policies are focused on expanding the solid minerals sector, agriculture, manufacturing, oil and gas, digital technology and value-added exports to reduce the country’s dependence on crude oil revenues while promoting inclusive economic growth.
In his remarks, Afreximbank President and Chairman, Dr. George Elombi, thanked President Tinubu for supporting his emergence as President of the bank and briefed him on the institution’s expanding investment portfolio in Nigeria.
Elombi disclosed that Afreximbank has invested between US$15 billion and US$20 billion in Nigeria over the past five years across trade finance, agricultural processing, healthcare and value-chain development.
He also revealed that the bank has committed US$2 billion to revive Nigeria’s cotton and garment industry, describing the investment as part of broader efforts to stimulate industrial production, create employment and boost exports.
According to him, Afreximbank is also supporting strategic infrastructure projects, including the Lagos-Calabar Coastal Highway and the Kano-Maradi Railway, while continuing investments aimed at strengthening regional trade and economic integration.
Elombi further informed the President that the bank is investing heavily in healthcare infrastructure to reduce medical tourism in Africa, inviting Tinubu to visit the African Medical Centre of Excellence (AMCE) in Abuja, one of the institution’s flagship healthcare projects on the continent.
