President Bola Ahmed Tinubu has called on the African Export-Import Bank (Afreximbank) to intensify efforts toward mobilising Africa’s financial, human, and natural resources to accelerate industrialisation across the continent.
Tinubu made the call on Tuesday at the State House, Abuja, during a meeting with a delegation from Afreximbank led by its President and Chairman of the Board, Dr George Elombi.
The President stressed that Africa must move beyond years of discussions on development and focus on practical measures that promote industrial growth, create jobs, expand trade, and improve living standards.
He said Nigeria’s recent economic reforms, including the removal of fuel subsidy and the unification of exchange rates, were necessary steps to address economic challenges and reduce corruption.
Tinubu urged Afreximbank to provide stronger financial support for value addition in key sectors, particularly solid minerals, agriculture, and manufacturing. He cited Nigeria’s lithium and other mineral resources as opportunities for investment in battery production and industrial ecosystems.
The President also highlighted the creation of the Ministry of Livestock Development, describing it as an initiative aimed at transforming farmer-herder conflicts into economic opportunities through investments in agriculture and related industries.
Dr Elombi said Afreximbank remains committed to supporting Nigeria’s economic development, revealing that the bank has invested between $15 billion and $20 billion in the Nigerian economy over the last five years.
He added that the bank had committed $2 billion to revive Nigeria’s cotton and garment industry while also supporting major infrastructure projects, including the Lagos-Calabar Coastal Highway and the Kano-Maradi Railway.
