Tinubu Tasks Afreximbank on Africa’s Industrialisation, Value Addition
President Bola Tinubu on Tuesday urged the African Export-Import Bank (Afreximbank) to intensify efforts to mobilise Africa’s human, financial and natural resources for the continent’s economic transformation.
Tinubu gave the charge while receiving a delegation from Afreximbank, led by its President and Chairman of the Board, Dr George Elombi, at the State House, Abuja.
The president said Africa must move beyond discussions to practical actions that would drive industrialisation, expand trade, create jobs and improve 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.”
Tinubu said Africa possessed abundant resources capable of transforming the continent if properly harnessed through strategic investments and value addition.
“We have what it takes to build this continent. We cannot continue to export raw materials without value addition. That answer is no.”
He urged Afreximbank to provide investment guarantees that would support local manufacturing and mineral processing across Africa.
“You, as the financial partner, should come with investment guarantees for value addition in lithium, batteries and other manufacturing ecosystems,” he said.
The president said his administration’s economic reforms, including the removal of fuel subsidy and exchange-rate unification, were necessary to safeguard Nigeria’s economy.
He noted that the reforms were designed to eliminate distortions, tackle corruption and lay the foundation for sustainable economic growth.
Tinubu said the creation of the Federal Ministry of Livestock Development was part of efforts to transform security challenges into economic opportunities.
“I created the Livestock Ministry to create economic opportunities for Africans. If we partner well and focus on development, we can turn these challenges around.”
The president also urged Afreximbank to deepen collaboration with the Bank of Agriculture by investing in agricultural value chains, including cocoa, palm oil and other export commodities.
Minister of State for Industry, Sen. John Owan Enoh, said Tinubu’s economic diversification agenda was repositioning Nigeria for sustainable industrial growth.
Enoh said the administration’s Renewed Hope Agenda was driving investments in manufacturing, agriculture, solid minerals, oil and gas, digital economy and value-added exports.
Earlier, Afreximbank President and Chairman of the Board, Dr George Elombi, thanked Tinubu for supporting his emergence as President of the continental financial institution.
Elombi said Afreximbank had invested between 15 billion dollars and 20 billion dollars in Nigeria over the past five years across trade, healthcare, agriculture and industrial development.
“We have invested between 15 and 20 billion dollars in Nigeria over the last five years across trade, healthcare, agricultural processing and value chains,” he said.
He disclosed that the bank had committed 2 billion dollars to support Nigeria’s cotton and garment industry.
Elombi also briefed the President on Afreximbank’s investments in the Lagos-Calabar Coastal Highway, the Kano-Maradi Railway and the African Medical Centre of Excellence (AMCE) in Abuja.
He invited Tinubu to visit the African Medical Centre of Excellence, describing it as a flagship investment aimed at reversing medical tourism in Africa. #Tinubu Tasks Afreximbank on Africa’s Industrialisation, Value Addition#
