By By Elizabeth Ugbo
President Bola Ahmed Tinubu on Tuesday urged world leaders to reform the global financial system during the Africa Forward Summit in Nairobi, Kenya. He said Africa’s industries suffer because of high borrowing costs, unfair financial policies, and weak investment support. Tinubu spoke at the Kenyatta International Convention Centre while leading Nigeria’s delegation to the summit co-hosted by Emmanuel Macron and William Ruto. He called for affordable financing, stronger African cooperation, and industrial policies that would boost manufacturing, jobs, and trade across the continent.
Tinubu Criticises Global Financial Structure
Tinubu said Africa’s industrial growth remains weak because the international financial system places African countries at a disadvantage.
According to him, African nations continue to export raw materials while importing expensive finished goods. He argued that global financial institutions limit Africa’s access to affordable capital.
He stressed that Nigeria spends huge amounts on debt servicing instead of investing in industries, infrastructure, and job creation.
“Every dollar used to pay punitive interest rates is a dollar removed from industrial growth,” he stated.
The President added that Nigeria would spend about $11.6 billion on debt servicing in 2026. He noted that the figure represents nearly half of the country’s projected revenue.
Nigeria Defends Economic Reforms
Tinubu said Nigeria had implemented difficult but necessary economic reforms without external pressure.
He listed fuel subsidy removal, exchange rate unification, banking recapitalisation, and Nigeria’s exit from the FATF grey list among the reforms.
According to him, the policies improved investor confidence and strengthened external reserves.
He revealed that Nigeria’s debt-to-GDP ratio could decline to 32.3 percent in 2026, while external reserves had risen to $45.5 billion.
However, he maintained that the global financial system still treats African countries as permanent high-risk borrowers.
President Calls for Industrialisation Across Africa
Tinubu insisted that Africa must industrialise to compete globally.
He said the continent should process its minerals, refine crude oil, and manufacture pharmaceuticals locally.
The President questioned how African manufacturers could compete with companies in Europe, Asia, and North America while paying far higher borrowing costs.
He also warned that weak financing threatens the success of the African Continental Free Trade Area.
Furthermore, Tinubu said Africa was not seeking charity but demanding fairness in global trade and finance.
Tinubu Links Migration to Economic Opportunities
The Nigerian leader connected migration challenges to unemployment and poverty.
He explained that many Africans risk dangerous migration routes because of limited economic opportunities at home.
Therefore, he urged international partners to invest in climate adaptation, energy access, agriculture, digital skills, and job-creating sectors.
He also proposed directing part of Official Development Assistance toward reducing irregular migration.
In addition, Tinubu supported stronger African participation in shaping global migration policies.
Nigeria Pushes Maritime Security and Blue Economy Growth
Tinubu highlighted Nigeria’s blue economy potential during the summit.
He said insecurity previously limited growth in the maritime sector. However, he noted that Nigeria had improved maritime safety through the Deep Blue Project.
The President offered Nigeria’s maritime intelligence infrastructure as a shared data hub for Gulf of Guinea countries.
He stressed that secure waterways and effective laws would attract private investment and support economic growth.
“Maritime sovereignty attracts investment,” he said.
Tinubu also backed the Nairobi Declaration and called ocean governance essential for Africa’s economic future.
Africa Forward Summit Draws Global Leaders
The Africa Forward Summit gathered leaders and officials from more than 30 countries in Nairobi.
Opening remarks came from António Guterres and Mahamoud Ali Youssouf alongside Macron and Ruto.
On the sidelines, Tinubu met Madagascar’s President Michael Randrianirina and CAF President Patrice Motsepe.
During the meeting, Tinubu reaffirmed Nigeria’s readiness to host the 2026 CAF Awards.
Business leaders including Aliko Dangote, Tony Elumelu, Abdulsamad Rabiu, and Aigboje Aig-Imoukhuede also attended the summit.
