By By Elizabeth Ugbo
President Bola Ahmed Tinubu on Tuesday urged the African Export-Import Bank (Afreximbank) to mobilise Africa’s human, financial and natural resources to accelerate industrialisation across the continent. The President made the call during a meeting with an Afreximbank delegation led by its President and Chairman of the Board, Dr George Elombi, at the State House in Abuja. He said Africa must move beyond discussions and embrace practical investments that create jobs, expand trade and improve living standards.
Tinubu Calls for Practical Steps Towards Industrial Growth
President Tinubu said Africa has abundant resources to transform its economy through industrialisation and value addition.
He stressed that exporting raw materials without processing them no longer serves the continent’s long-term interests.
According to him, Africa must strengthen manufacturing and build industries that convert local resources into finished products.
“We have what it takes to build this continent,” the President said.
He added that Africa should attract investments that support battery production and other manufacturing ecosystems by utilising its rich lithium and solid mineral deposits.
Economic Reforms Lay Foundation for Growth
The President said his administration’s economic reforms remain critical to Nigeria’s long-term prosperity.
He explained that removing fuel subsidies and unifying exchange rates help reduce corruption and strengthen economic stability.
Furthermore, he said structured financing and reliable infrastructure remain essential for sustainable industrial development across Africa.
Livestock Ministry to Unlock Economic Opportunities
President Tinubu said the creation of the Federal Ministry of Livestock Development has transformed the long-standing farmer-herder conflict into an economic opportunity.
He noted that livestock development can stimulate employment and improve agricultural productivity.
The President also highlighted the potential of Nigeria’s cotton, ginnery and garment industries to generate jobs.
He urged African institutions to support development programmes capable of delivering lasting economic benefits.
Afreximbank Asked to Support Agriculture and Value Addition
The President called on Afreximbank to strengthen collaboration with the Bank of Agriculture.
He encouraged the bank to increase investments in cocoa, palm kernel, palm oil and other agricultural products.
According to him, stronger agricultural value chains will boost exports, create jobs and improve future economic growth.
Minister Highlights Renewed Hope Agenda
The Minister of State for Industry, Senator John Owan Enoh, said President Tinubu’s Eight-Point Renewed Hope Agenda continues to reposition Nigeria’s economy.
He explained that the administration prioritises industrialisation through investments in solid minerals, oil and gas, manufacturing, agriculture, the digital economy and value-added exports.
Enoh said these initiatives will reduce Nigeria’s dependence on crude oil revenue while promoting sustainable economic development.
Afreximbank Commits Billions to Nigeria
Afreximbank President and Chairman, Dr George Elombi, thanked President Tinubu for supporting his election as the bank’s president.
He also briefed the President on the bank’s growing investments across Nigeria.
Elombi disclosed that Afreximbank invested between $15 billion and $20 billion in Nigeria over the last five years.
He said the investments cover trade, agricultural processing, healthcare and value-chain development.
Additionally, he revealed that the bank has committed $2 billion to support Nigeria’s cotton and garment industry.
Elombi also highlighted Afreximbank’s investments in the Lagos-Calabar Coastal Highway and the Kano-Maradi Railway projects.
He further invited President Tinubu to visit the African Medical Centre of Excellence (AMCE) in Abuja, describing it as a major step toward reducing medical tourism across Africa.
