Tinubu Urges Afreximbank to Drive Africa’s Industrialisation, Expand Investments in Nigeria
President Bola Ahmed Tinubu has called on the African Export-Import Bank (Afreximbank) to intensify efforts to mobilise Africa’s human, financial and natural resources to accelerate industrialisation and unlock the continent’s economic potential.
The President made the call on Tuesday while receiving a delegation from Afreximbank led by its President and Chairman of the Board, Dr. George Elombi, at the State House in Abuja.
President Tinubu said Africa must move beyond discussions about development and focus on practical actions that promote industrial growth, expand trade, create jobs and improve the living standards of its people.
“The time has come for us to start doing things together as Africans. We have what it takes to build this continent. We should stop exporting raw materials without value addition,” the President said.
He urged Afreximbank to provide investment guarantees to support value addition in strategic sectors, particularly the processing of solid minerals such as lithium for battery production and other manufacturing industries.
The President also defended his administration’s economic reforms, including the removal of fuel subsidy and the unification of the foreign exchange market, describing them as necessary measures to fight corruption and ensure Nigeria’s long-term economic stability.
On agriculture and livestock, Tinubu said the creation of the Federal Ministry of Livestock Development was aimed at transforming the long-standing farmer-herder crisis into economic opportunities, while calling for stronger collaboration to revive industries such as cotton, ginneries and garment manufacturing.
He further urged Afreximbank to partner with the Bank of Agriculture to increase investments in agricultural value chains, including cocoa, palm kernel and palm oil production.
Earlier, the Minister of State for Industry, Senator John Owan Enoh, said the administration’s Eight-Point Renewed Hope Agenda is driving economic diversification through investments in solid minerals, manufacturing, agriculture, oil and gas, the digital economy and value-added exports.
Speaking during the visit, Afreximbank President Dr. George Elombi thanked President Tinubu for his support following his election to lead the bank and disclosed that Afreximbank has invested between $15 billion and $20 billion in Nigeria over the past five years across trade, agriculture, healthcare and value-chain development.
Elombi also revealed that the bank has committed $2 billion to support Nigeria’s cotton and garment industry and is investing in major infrastructure projects, including the Lagos-Calabar Coastal Highway and the Kano-Maradi Railway.
He also invited President Tinubu to visit the African Medical Centre of Excellence (AMCE) in Abuja, describing it as part of the bank’s efforts to reduce medical tourism in Africa.
