President Bola Ahmed Tinubu has urged the African Export-Import Bank (Afreximbank) to intensify efforts toward mobilising Africa’s financial, human and natural resources to accelerate industrial development across the continent, stressing that Africa must move beyond exporting raw materials.
The President made the call while receiving a delegation from Afreximbank, led by its newly elected President and Chairman of the Board, George Elombi, at the Presidential Villa in Abuja.
Tinubu said Africa’s industrialisation agenda requires practical action that will boost trade, create employment opportunities, promote local value addition and improve the living standards of millions across the continent.
He emphasized that African nations must begin working together to unlock the continent’s enormous economic potential through stronger collaboration and investment.
The President maintained that Africa should end the practice of exporting raw materials without processing them locally, urging Afreximbank to provide investment guarantees that would encourage manufacturing and mineral processing industries.
According to him, Nigeria possesses abundant solid minerals, including lithium, which can support battery production and other manufacturing industries if backed by adequate financing and investment.
Tinubu also defended his administration’s economic reforms, stating that the removal of fuel subsidies and the unification of foreign exchange windows were necessary steps to improve transparency, reduce corruption and stabilise the economy.
He further highlighted the establishment of the Federal Ministry of Livestock Development, describing it as an initiative aimed at transforming livestock production into a major economic sector while reducing conflicts between farmers and herders.
The President noted that industries such as cotton production, textile manufacturing and garment production have significant potential to create jobs and drive economic growth if properly supported.
He also encouraged Afreximbank to strengthen its partnership with the Bank of Agriculture by financing the cultivation and processing of key agricultural products, including cocoa, oil palm and palm kernel, to boost agricultural value chains.
Earlier, the Minister of State for Industry, John Owan Enoh, said the Federal Government’s economic diversification strategy is promoting sustainable industrial growth through investments in agriculture, manufacturing, solid minerals, oil and gas, digital technology and value-added exports.
Speaking during the visit, Afreximbank President George Elombi appreciated President Tinubu for supporting his emergence as the bank’s new leader and provided an overview of the institution’s investments in Nigeria.
He disclosed that Afreximbank has invested between $15 billion and $20 billion in Nigeria over the past five years across sectors such as trade, agriculture, healthcare and value-chain development.
Elombi also revealed that the bank has committed $2 billion to the revival of Nigeria’s cotton and garment industry, while supporting major infrastructure projects, including the Lagos-Calabar Coastal Highway and the Kano-Maradi railway project.
He further invited President Tinubu to visit the African Medical Centre of Excellence, noting that the facility is part of the bank’s broader efforts to improve healthcare services across Africa and reduce dependence on medical tourism abroad.
