President Bola Tinubu has called on the African Export-Import Bank (Afreximbank) to intensify efforts to mobilise Africa’s human, financial and natural resources to accelerate industrialisation and drive the continent’s economic transformation.
Tinubu 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, Abuja.
The President said Africa’s industrialisation could no longer remain a subject of theoretical discussions, stressing the need for practical action to unlock the continent’s economic potential.
“The conscience and the future of Africa depend on what you and your team can do and will do for Africa as a whole, and the time has come for us to start doing things together as Africans,” Tinubu said.
“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.
“We have solid mineral deposits such as lithium and others that can be used, and you, as the financial partner, should be able to come with investment guarantees for the production and value addition in batteries and other manufacturing ecosystems.”
The President said his administration’s economic reforms, including the removal of fuel subsidy and the unification of exchange rates, were necessary steps to combat corruption and stabilise the economy.
He also highlighted the establishment of the Federal Ministry of Livestock Development, saying it was designed to transform the long-standing farmer-herder conflict into an economic opportunity.
“I created the Livestock Ministry to create economic opportunities for Africans. The cotton, ginnery and garment industries are job creators. If we partner well and incorporate these ideas and do less talking and really put our heads into developmental programmes, we can turn it around,” he said.
Tinubu urged Afreximbank to strengthen collaboration with the Bank of Agriculture by investing more in agricultural value chains, including cocoa, palm kernel and palm oil production.
Minister of State for Industry, Senator John Owan Enoh, said the Tinubu administration’s Eight-Point Renewed Hope Agenda was repositioning Nigeria for sustainable economic growth through industrialisation, value addition and economic diversification.
In his remarks, Afreximbank President and Chairman, Dr George Elombi, thanked Tinubu for his support, which he said contributed to his election as president of the bank.
Elombi disclosed that Afreximbank had invested between $15 billion and $20 billion in the Nigerian economy over the last five years across sectors including trade, agricultural processing, healthcare and value chains.
He also announced that the bank had committed $2 billion to support Nigeria’s cotton and garment industry.
According to him, Afreximbank has also invested in major infrastructure projects, including the Lagos-Calabar Coastal Highway and the Kano-Maradi railway line.
Elombi further invited the President to visit the African Medical Centre of Excellence (AMCE) in Abuja, describing it as part of the bank’s efforts to reverse medical tourism on the continent.
Deji Elumoye
