President Bola Ahmed Tinubu has called on the African Export-Import Bank (Afreximbank) to play a more active role in driving Africa’s industrialisation by mobilising the continent’s vast human, financial, and natural resources. Speaking during a meeting with Afreximbank President and Chairman of the Board, Dr. George Elombi, at the State House in Abuja, Tinubu stressed that Africa must move beyond discussions and embrace practical actions that promote industrial growth, trade expansion, and job creation.
The President noted that Africa is richly endowed with valuable resources but continues to lose significant economic opportunities by exporting raw materials without processing them locally. He challenged Afreximbank to provide investment guarantees that would encourage value addition in key sectors, particularly in the production of batteries and other manufacturing industries that can harness minerals such as lithium. According to Tinubu, the continent has all the ingredients needed for sustainable economic prosperity if governments and financial institutions work together.
Tinubu also highlighted his administration’s efforts to transform agriculture into a major economic driver. He pointed to the establishment of the Federal Ministry of Livestock Development as part of broader plans to turn longstanding challenges, including farmer-herder conflicts, into productive economic opportunities. The President further urged Afreximbank to deepen its partnership with the Bank of Agriculture by investing more heavily in cocoa, palm oil, and other agricultural value chains capable of generating long-term economic benefits.
Reinforcing the administration’s vision, Minister of State for Industry, John Owan Enoh, said the government’s economic diversification agenda is focused on strengthening sectors such as solid minerals, oil and gas, manufacturing, agriculture, digital technology, and value-added exports. He explained that these initiatives are designed to build a stronger and more resilient economy that is less dependent on crude oil revenues and better positioned for sustainable growth.
In response, Dr. Elombi revealed that Afreximbank has invested approximately $20 billion in Nigeria over the last five years, covering sectors including trade, healthcare, agricultural processing, and industrial value chains. He also announced a fresh $2 billion commitment to support Nigeria’s cotton, textile, and garment industry. Emphasising the importance of local production, Elombi said Africa’s prosperity depends on what it produces, noting that industrial development remains the key to wealth creation, economic independence, and long-term growth across the continent.
source: The guardian
