President Bola Ahmed Tinubu has urged the African Export-Import Bank (Afreximbank) to take the lead in unlocking Africa’s vast economic potential, declaring that the continent must move beyond endless discussions on industrialization and embrace bold, practical action to drive growth, create jobs, and transform lives.
Speaking on Tuesday while receiving a delegation led by Afreximbank President and Chairman, Dr. George Elombi, at the Presidential Villa in Abuja, Tinubu said Africa can no longer afford to export raw materials without adding value, insisting that the continent has all it needs to become an industrial powerhouse.
The President defended his administration’s sweeping economic reforms, including the removal of fuel subsidy and the unification of foreign exchange rates, describing them as necessary measures to curb corruption, stabilize the economy, and secure Nigeria’s future.
“We have what it takes to build this continent,” Tinubu said, urging Afreximbank to provide investment guarantees to accelerate the processing of strategic minerals such as lithium into batteries and other manufactured products, rather than exporting them in their raw form.
He stressed that industrialization must be backed by strong financing and critical infrastructure, calling on African governments and financial institutions to work together to unlock the continent’s full potential.
Tinubu also said his administration has transformed the long-running farmer-herder conflict into an economic opportunity through the establishment of the Federal Ministry of Livestock Development, which he said is aimed at boosting agriculture, creating jobs, and strengthening value chains.
The President further urged Afreximbank to deepen collaboration with the Bank of Agriculture by increasing investments in key cash crops such as cocoa, palm kernel, and palm oil to drive agricultural processing and value addition.
Minister of State for Industry, Senator John Owan Enoh, said the administration’s Eight-Point Renewed Hope Agenda is laying the foundation for sustainable economic growth through industrialization, diversification, and reduced dependence on crude oil revenues.
In his remarks, Afreximbank President Dr. George Elombi thanked Tinubu for supporting his emergence as the bank’s president and disclosed that the institution has invested between $15 billion and $20 billion in Nigeria over the past five years in trade, healthcare, agriculture, and value chain development.
Elombi also revealed that Afreximbank has committed $2 billion to revive Nigeria’s cotton and garment industry while supporting major infrastructure projects, including the Lagos-Calabar Coastal Highway and the Kano-Maradi railway.
He also invited President Tinubu to visit the African Medical Center of Excellence (AMCE) in Abuja, highlighting the bank’s efforts to reduce medical tourism across Africa.
