- Tinubu Seeks Stronger Afreximbank Investment in Nigeria’s Key Sectors
- Pushes Value Addition, Industrial Development Across Africa
- Calls for African-Led Investment to Boost Economic Growth
President Bola Ahmed Tinubu has urged the African Export-Import Bank (Afreximbank) to strengthen its support for Africa’s industrialisation by mobilising the continent’s human, financial and natural resources to drive economic transformation.
Eko Hot Blog reports that Tinubu made the call while receiving a delegation from the bank, led by its President and Chairman of the Board, Dr George Elombi, at the State House in Abuja.
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The President said Africa must move beyond discussions on industrialisation and begin taking practical steps to promote value addition, expand trade, create jobs and strengthen manufacturing across the continent.
According to him, Africa has abundant natural and human resources, but sustained economic development will depend on strategic investments, structured financing and improved infrastructure.
“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. We have what it takes to build this continent,” Tinubu said.
He stressed that Africa should no longer rely on exporting raw materials without processing them locally.
The President pointed to Nigeria’s solid mineral resources, including lithium, and urged Afreximbank to provide investment guarantees that would support local processing, battery production and other manufacturing industries.
Tinubu also highlighted his administration’s efforts to transform the longstanding farmer-herder crisis into an economic opportunity through the establishment of the Federal Ministry of Livestock Development.
He further called on the bank to deepen its partnership with the Bank of Agriculture by increasing investments in agricultural production, particularly in cocoa, palm kernel and palm oil, while supporting value chains capable of generating sustainable economic growth.
Speaking during the meeting, the Minister of State for Industry, Trade and Investment, Senator John Owan Enoh, said the Tinubu administration’s focus on industrialisation is being driven through investments in solid minerals, oil and gas, manufacturing, agriculture, the digital economy and value-added exports.
He noted that the strategy is aimed at building a more diversified and resilient economy that is less dependent on crude oil revenues.
In his remarks, Afreximbank President Dr George Elombi disclosed that the bank has invested approximately $20 billion in Nigeria over the past five years.
According to him, the investments span trade, agricultural processing, value chains and healthcare, including initiatives designed to reduce medical tourism within Africa.
Elombi also announced that the bank has committed $2 billion to support the development of Nigeria’s cotton, textile and garment industry.
He stressed that industrial production remains the foundation of sustainable economic growth, noting that countries can only trade products they manufacture.
“We can only trade what we produce. We also know that this production is what will create the wealth, not the handouts that we get from outside,” Elombi said.
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