By Seun Ibiyemi
President Bola Ahmed Tinubu has called on the leadership of the African Export-Import Bank (Afreximbank) to intensify efforts towards mobilising Africa’s human, financial and natural resources to accelerate industrialisation, deepen intra-African trade and drive sustainable economic growth across the continent.
The President made the call on Tuesday while receiving a delegation from Afreximbank, led by its President and Chairman of the Board, Dr. George Elombi, at the State House in Abuja.
Tinubu said Africa’s industrial transformation must move beyond policy discussions to practical investments that promote value addition, manufacturing, job creation and improved living standards.
“The conscience and the future of Africa depend on what you and your team can do for Africa as a whole, and the time has come for us to start doing things together as Africans,” the President said.
He stressed that the continent must end the export of raw materials without processing, urging Afreximbank to provide investment guarantees that would support value addition in sectors such as solid minerals, battery manufacturing and industrial production.
“We have what it takes to build this continent. Do we continue to exploit and export raw materials without value addition? That answer is no,” Tinubu stated.
The President also defended his administration’s economic reforms, including the removal of fuel subsidy and the unification of Nigeria’s foreign exchange market, describing them as necessary measures to eliminate corruption, restore fiscal sustainability and strengthen the economy.
Highlighting the administration’s economic diversification agenda, Tinubu said the establishment of the Federal Ministry of Livestock Development was designed to transform the long-standing farmer-herder conflict into an economic opportunity capable of creating jobs and boosting agricultural productivity.
He also urged Afreximbank to strengthen collaboration with the Bank of Agriculture by increasing investments in agricultural value chains, particularly cocoa, palm kernel, palm oil and other export-oriented crops.
According to him, structured financing and reliable infrastructure remain critical to unlocking Africa’s economic potential
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Speaking during the meeting, the Minister of State for Industry, Senator John Owan Enoh, said President Tinubu’s Eight-Point Renewed Hope Agenda was repositioning Nigeria for sustainable economic growth through industrialisation, manufacturing, solid minerals development, agriculture, digital innovation and value-added exports.
He noted that the administration’s economic diversification strategy was laying the foundation for a more resilient economy less dependent on crude oil revenues.
Earlier, Afreximbank President and Chairman, Dr. George Elombi, thanked President Tinubu for supporting his emergence as the bank’s president and briefed him on the institution’s investment portfolio in Nigeria.
According to Elombi, Afreximbank has invested between $15 billion and $20 billion in the Nigerian economy over the past five years, covering sectors including trade, agricultural processing, healthcare and value chain development.
He disclosed that the bank has committed $2 billion to support Nigeria’s cotton and garment industry as part of efforts to boost local manufacturing and job creation.
Elombi also highlighted the bank’s investments in strategic infrastructure projects, including the Lagos-Calabar Coastal Highway and the Kano-Maradi Railway, while inviting the President to visit the African Medical Centre of Excellence (AMCE) in Abuja, a flagship healthcare investment aimed at reducing medical tourism in Africa.
The meeting underscored Nigeria’s commitment to leveraging strategic partnerships with continental financial institutions to accelerate industrialisation, infrastructure development and economic diversification.
