Tinubu to Afreximbank: Speed up Mobilisation of Resources for Africa’s Industrialisation

President Bola Tinubu has called on the African Export-Import Bank (Afreximbank) to intensify efforts in mobilizing and deploying Africa's resources for economic advancement. During a meeting with the bank's delegation in Abuja, Tinubu emphasized that Africa's industrialization must move beyond theoretical discussions to practical actions.

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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 highlighted his administration's recent economic reforms, including ending fuel subsidies and tackling multiple exchange rates, as crucial steps for economic survival and combating corruption. He stressed that Africa possesses immense potential and needs to focus on value addition for its raw materials, such as lithium, to create jobs and improve living standards.

"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," Tinubu stated. He urged Afreximbank to provide financial backing and investment guarantees for manufacturing ecosystems and value addition in sectors like batteries and garments.

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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 discussed transforming farmer-herder conflicts into economic opportunities through the new Federal Ministry of Livestock Development. He called for synergy with the Bank of Agriculture to boost investments in crops like cocoa and palm oil, ensuring agricultural value chains yield tangible benefits. Minister of State for Industry, Senator John Owan Enoh, described the administration's agenda as a transformative blueprint for Nigeria's economic growth.

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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.