By 
Bola Ahmed Tinubu has called on the African Export-Import Bank to play a more strategic role in driving Africa’s industrialisation by mobilising the continent’s financial, human and natural resources to support value-added production and sustainable economic growth.
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 State House in Abuja.
Tinubu said Africa must move beyond exporting raw materials and instead focus on building industries that process local resources, expand manufacturing, create jobs and strengthen intra-African trade.
According to a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu urged African leaders and institutions to work collectively toward a shared vision of economic transformation.
He stressed that the continent’s future depends on stronger collaboration among African countries and institutions to unlock its vast economic potential.
Highlighting the need for greater value addition, the President said Africa possesses abundant natural resources, including critical minerals such as lithium, which should be processed locally to support industries such as battery manufacturing and other advanced manufacturing sectors.
He urged Afreximbank to provide investment guarantees that would encourage private sector investment in mineral processing, manufacturing and industrial development across the continent.
Tinubu also highlighted key economic reforms introduced by his administration, including the removal of fuel subsidies and the unification of Nigeria’s foreign exchange windows, describing them as necessary measures to improve transparency, reduce economic distortions and strengthen macroeconomic stability.
He further noted that the establishment of the Federal Ministry of Livestock Development is intended to transform the long-standing farmer-herder conflict into economic opportunities by promoting investments across livestock production and agro-industrial value chains.
The President identified sectors such as cotton, textile manufacturing and garment production as important drivers of employment and industrial development, urging stronger partnerships to support their growth.
He also encouraged Afreximbank to expand its collaboration with the Bank of Agriculture by financing the cultivation, processing and value addition of strategic agricultural commodities, including cocoa, oil palm and palm kernel, to strengthen Nigeria’s agricultural value chains.
Earlier, the Minister of State for Industry, John Owan Enoh, said the Federal Government’s economic diversification agenda is positioning Nigeria for sustainable industrial growth through investments in solid minerals, agriculture, manufacturing, oil and gas, the digital economy and value-added exports.
Speaking during the visit, Elombi expressed appreciation for President Tinubu’s support during his election as President of Afreximbank and provided an update on the bank’s activities across Nigeria.
According to him, Afreximbank has invested between $15 billion and $20 billion in Nigeria over the past five years, supporting projects across trade finance, agricultural processing, healthcare, manufacturing and value-chain development.
He disclosed that the bank has committed $2 billion to revitalising Nigeria’s cotton and garment industry while also supporting major infrastructure projects, including the Lagos-Calabar Coastal Highway and the Kano-Maradi railway.
Elombi also invited President Tinubu to visit the African Medical Centre of Excellence, noting that the facility represents one of Afreximbank’s flagship investments aimed at strengthening healthcare delivery across Africa and reducing the continent’s dependence on medical tourism.
Comments