ABUJA, NIGERIA — President Bola Ahmed Tinubu has urged the African Export-Import Bank (Afreximbank) to intensify efforts in mobilising and deploying Africa’s human, financial, and natural resources towards accelerating the continent’s industrialisation and economic growth.
President Tinubu made the call on Tuesday when a delegation from Afreximbank, led by its President and Chairman of the Board, Dr. George Elombi, visited the State House in Abuja.
The President stressed that Africa’s industrial development must move beyond discussions and translate into practical actions that promote manufacturing, expand trade, create jobs, and improve the living standards of citizens.
He highlighted the need for strong financial support and reliable infrastructure to drive sustainable economic transformation, noting that Africa has the resources required to build a prosperous future.
“Do we continue to exploit and export raw materials without value addition? That answer is no,” President Tinubu said, emphasising the importance of developing industries around Africa’s mineral resources, including lithium, to support battery production and other manufacturing ecosystems.
The President also defended his administration’s economic reforms, including the removal of fuel subsidy and the harmonisation of exchange rates, describing them as necessary measures to address corruption and strengthen Nigeria’s economic foundation.
On agriculture and rural development, President Tinubu called for stronger collaboration between Afreximbank and the Bank of Agriculture to support value chains in sectors such as cocoa, palm kernel, and palm oil production.
He also spoke on the creation of the Federal Ministry of Livestock Development, explaining that the initiative was designed to transform longstanding farmer-herder conflicts into economic opportunities through investment in livestock, cotton, textiles, and related industries.
“Development programmes require less talking and more action. If we partner well and commit to these ideas, we can turn things around,” the President stated.
The Minister of State for Industry, Sen. John Owan Enoh, described the administration’s Eight-Point Renewed Hope Agenda as a blueprint aimed at repositioning Nigeria through industrial expansion, solid minerals development, agriculture, manufacturing, digital innovation, and value-added exports.
During the meeting, Afreximbank President Dr. George Elombi thanked President Tinubu for his support during his emergence as head of the institution and briefed him on the bank’s activities and investments in Nigeria.
Elombi disclosed that Afreximbank has invested between $15 billion and $20 billion in the Nigerian economy over the past five years across trade, healthcare, agriculture, and value-chain development.
He also announced the bank’s commitment of $2 billion to support Nigeria’s cotton and garment industry and highlighted Afreximbank’s involvement in major infrastructure projects, including the Lagos-Calabar Coastal Highway and the Kano-Maradi Railway line.
The Afreximbank delegation also invited President Tinubu to visit the African Medical Centre of Excellence (AMCE)in Abuja, as part of efforts to promote healthcare development and reduce medical tourism outside Africa.
The engagement reinforced calls for stronger African partnerships, local value addition, and investment-driven solutions to accelerate the continent’s economic transformation.
