Tinubu tasks Afreximbank to mobilize resources for Africa’s industrialization

Nigerian President Bola Tinubu has called on the African Export-Import Bank (Afreximbank) to intensify efforts in mobilizing and deploying Africa's resources for collective economic advancement, emphasizing that the continent's industrialization must move beyond theoretical discussions.

Receiving a delegation from Afreximbank in Abuja, President Tinubu stated that his administration's economic reforms, including ending fuel subsidies and tackling multiple exchange rates, are crucial for combating corruption and ensuring economic survival. He asserted that Africa possesses immense potential and must transition to practical actions that foster industrial growth, expand trade, generate employment, add value, and improve living standards.

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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.

Tinubu stressed the importance of structured financial backing and reliable infrastructure for continental development. "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," he stated, advocating for investment in processing solid minerals like lithium and developing manufacturing ecosystems.

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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.

The President also highlighted his administration's efforts to turn farmer-herder conflicts into economic opportunities through the establishment of the Federal Ministry of Livestock Development. He proposed collaborations in cotton, ginnery, and garment industries, suggesting that focused developmental programs can yield positive results.

Furthermore, Tinubu encouraged Afreximbank to synergize with the Bank of Agriculture and increase investments in crop production and agricultural value chains. Minister of State for Industry, Sen. John Owan Enoh, present at the meeting, described the administration's Eight-Point Renewed Hope Agenda as a blueprint for sustainable economic growth and shared prosperity.

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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.