By Mardiyyah Abubakar
President Bola Ahmed Tinubu has challenged the African Export-Import Bank (Afreximbank) to take the lead in accelerating Africa’s industrialisation by unlocking the continent’s vast human, financial and natural resources.
The President made the call on Tuesday while receiving Afreximbank’s newly elected President and Chairman of the Board, George Elombi, at the State House.
Tinubu stressed that Africa must break away from its dependence on exporting raw materials and instead prioritise manufacturing, value addition and job creation to achieve sustainable economic growth.
According to a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, the President said the continent’s future depends on stronger collaboration among African nations.
“The time has come for us to start doing things together as Africans,” Tinubu said.
He urged Afreximbank to provide investment guarantees that would stimulate local manufacturing, mineral processing and battery production, insisting that Africa has the capacity to transform its abundant resources into finished products.
“We have what it takes to build this continent. Do we continue to exploit and export raw materials without value addition? The answer is no,” the President added.
Tinubu also defended his administration’s economic reforms, including the removal of fuel subsidy and the unification of foreign exchange windows, describing them as difficult but necessary steps to tackle corruption and stabilise Nigeria’s economy.
He further highlighted the creation of the Federal Ministry of Livestock Development, saying it has transformed the long-standing farmer-herder challenge into an opportunity for investment in livestock production and agro-industrial value chains.
The President called on Afreximbank to partner with the Bank of Agriculture to finance cocoa, oil palm and palm kernel production and processing to strengthen Nigeria’s agricultural value chain.
Earlier, John Owan Enoh said the Federal Government’s economic diversification agenda is attracting investments in solid minerals, agriculture, manufacturing, the digital economy and value-added exports.
Speaking during the visit, Elombi revealed that Afreximbank has invested between $15 billion and $20 billion in Nigeria over the past five years.
He also announced a fresh $2 billion commitment to revive Nigeria’s cotton and garment industry, while reaffirming the bank’s support for major infrastructure projects, including the Lagos-Calabar Coastal Highway and the Kano-Maradi railway.
Elombi further invited President Tinubu to visit the African Medical Centre of Excellence, describing it as a flagship initiative aimed at strengthening healthcare delivery and reducing medical tourism across Africa.
