President Bola Ahmed Tinubu has called on the African Export-Import Bank (Afreximbank) to take a leading role in mobilising financial resources needed to accelerate Africa’s industrialisation, urging the institution to support initiatives that promote value addition, manufacturing, and economic integration across the continent.
The President made the appeal on Tuesday during a meeting with a delegation from Afreximbank, led by its newly elected President and Chairman of the Board, Dr. George Elombi, at the State House in Abuja.
According to President Tinubu, Africa must shift from discussions about development to implementing practical measures that unlock the continent’s abundant human and natural resources for economic growth. He stressed that sustainable industrialisation requires strong financial backing, improved infrastructure, and greater collaboration among African nations.
“The future of Africa depends on our collective resolve to work together. We have the resources to transform this continent, but we must stop exporting raw materials without creating value. Our mineral resources, including lithium, should serve as the foundation for industries such as battery production and other manufacturing sectors,” the President said.
He encouraged Afreximbank to provide investment guarantees that would stimulate industrial production and strengthen value chains across Africa.
President Tinubu also defended his administration’s economic reforms, including the removal of the fuel subsidy and the harmonisation of foreign exchange rates, describing them as necessary steps to eliminate corruption, stabilise the economy, and secure Nigeria’s long-term economic future.
Highlighting agriculture as a major driver of economic development, the President said the creation of the Federal Ministry of Livestock Development was designed to convert the recurring farmer-herder conflict into an opportunity for economic growth and job creation.
He noted that expanding industries such as cotton production, ginneries, and garment manufacturing could significantly boost employment and improve livelihoods if supported by strategic investments.
The President further urged Afreximbank to deepen its partnership with the Bank of Agriculture by financing agricultural value chains, particularly in cocoa, palm kernel, and palm oil production, to enhance local processing and increase export earnings.
Speaking at the meeting, the Minister of State for Industry, Senator John Owan Enoh, said the Tinubu administration’s Eight-Point Renewed Hope Agenda is driving Nigeria’s economic diversification by promoting investment in manufacturing, agriculture, solid minerals, oil and gas, the digital economy, and value-added exports.
He said these initiatives are positioning the country for sustainable growth while reducing dependence on crude oil revenues.
Earlier, Dr. George Elombi expressed appreciation to President Tinubu for his support following his emergence as President of Afreximbank and briefed him on the bank’s expanding operations in Nigeria.
He disclosed that the bank has invested between US$15 billion and US$20 billion in the Nigerian economy over the past five years, with funding directed towards trade, healthcare, agricultural processing, and value-chain development.
Elombi said Afreximbank is also supporting efforts to curb medical tourism through its investment in the African Medical Centre of Excellence (AMCE) in Abuja and invited President Tinubu to visit the facility.
He further revealed that the bank has earmarked US$2 billion to support Nigeria’s cotton and garment industry and is financing major infrastructure projects, including the Lagos-Calabar Coastal Highway and the Kano-Maradi Railway.
