President Bola Ahmed Tinubu has challenged the African Export-Import Bank (Afreximbank) to take a leading role in driving Africa’s industrial transformation, insisting that the continent can no longer afford to remain trapped in endless conversations about development. Speaking during a meeting with an Afreximbank delegation led by its President and Chairman, Dr. George Elombi, at the State House in Abuja, the Nigerian leader stressed that Africa possesses the resources, talent, and potential needed to build a thriving industrial economy.
Tinubu said Africa must move beyond exporting raw materials and instead focus on value addition, manufacturing, and job creation. He noted that the continent’s vast mineral wealth, including critical resources such as lithium, should be leveraged to develop industries capable of producing batteries and other manufactured goods. According to the President, strong financial partnerships and investment guarantees will be crucial in unlocking these opportunities and positioning Africa as a competitive player in the global economy.
The President also highlighted key reforms introduced by his administration, including the removal of fuel subsidies and efforts to unify exchange rates, describing them as necessary measures to curb corruption and strengthen Nigeria’s economic foundation. He maintained that industrial growth, expanded trade, and improved infrastructure remain central to his administration’s strategy for delivering sustainable prosperity and higher living standards for Nigerians and Africans at large.
Addressing agriculture and rural development, Tinubu pointed to the creation of the Federal Ministry of Livestock Development as a move designed to transform longstanding farmer-herder challenges into economic opportunities. He further called on Afreximbank to deepen collaboration with institutions such as the Bank of Agriculture and increase investments across agricultural value chains, including cocoa, palm kernel, and palm oil production, to boost exports and create more employment opportunities.
Responding, Afreximbank President Dr. George Elombi expressed appreciation for Tinubu’s support and outlined the bank’s growing footprint in Nigeria. He revealed that Afreximbank has invested between $15 billion and $20 billion in the Nigerian economy over the past five years, spanning trade, healthcare, agricultural processing, and value-chain development. Elombi also disclosed that the bank has committed $2 billion to support Nigeria’s garment industry and remains actively involved in major infrastructure projects such as the Lagos-Calabar Coastal Highway and the Kano-Maradi railway, reinforcing its commitment to Africa’s economic growth and industrial future.
source: leadership