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🇳🇬 Nigeria /Economy & Trade

Tinubu to Afreximbank: Speed Up Move to Mobilise Resources for Africa’s Industrialisation

From ThisDay · () English

Summarized and contextualized by DistantNews.

At a glance

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  • President Bola Tinubu urged Afreximbank to accelerate efforts in mobilizing resources for Africa's industrialization, emphasizing practical action over theoretical discussions.
  • He highlighted Nigeria's economic reforms, such as ending fuel subsidies and tackling multiple exchange rates, as crucial steps against corruption and for economic survival.
  • Afreximbank committed $20 billion to the Nigerian economy over the past five years, and Tinubu stressed the need for structured financial backing and infrastructure to build the continent.

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

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.

— President Bola TinubuPresident Bola Tinubu addressing the Afreximbank delegation on the importance of collective action for Africa's development.

Tinubu pointed to his administration's recent economic reforms, including the elimination of fuel subsidies and the harmonization of exchange rates, as essential measures to combat corruption and ensure economic stability. He asserted that Africa possesses immense potential and must transition from endless conversations to tangible actions that foster industrial growth, expand trade, create jobs, add value, 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, emphasizing the need for structured financial backing and reliable infrastructure. He urged Afreximbank to provide investment guarantees for the production and value addition of resources like lithium, supporting manufacturing ecosystems.

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.

— President Bola TinubuPresident Bola Tinubu emphasizing the need for value addition and industrialization in Africa rather than continued export of raw materials.

He also highlighted the creation of the Federal Ministry of Livestock Development as an economic opportunity, particularly in sectors like cotton, ginnery, and garment industries. Tinubu encouraged Afreximbank to synergize with the Bank of Agriculture and increase investments in crops like cocoa and palm oil, ensuring that agricultural value chains translate into tangible future benefits. Afreximbank has committed $20 billion to the Nigerian economy in the last five years.

I created the livestock ministry to create economic opportunities for Africans.

— President Bola TinubuPresident Bola Tinubu explaining the economic rationale behind establishing a dedicated ministry for livestock development.
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Originally published by ThisDay. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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