President Bola Tinubu has called on the African Export-Import Bank, Afreximbank, to deepen its role in mobilising Africa’s human, financial and natural resources to fast-track the continent’s industrialisation, insisting that the era of endless discussions on development must give way to concrete action.
Tinubu made the call while receiving a delegation of the Bank led by its President and Chairman of the Board, Dr George Elombi, at the State House on Tuesday in Abuja.
The President said Africa has abundant resources and must leverage them to expand manufacturing, boost intra-African trade, create jobs and improve the living standards of its people.
He maintained that his administration’s economic reforms, including the removal of fuel subsidy and the unification of the foreign exchange market, were necessary measures to eliminate distortions, curb corruption and place Nigeria on a sustainable economic path.
In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the President urged Afreximbank to provide stronger financial backing and investment guarantees that would support value addition in strategic sectors, particularly solid minerals, battery production and manufacturing, rather than the continued export of raw materials.
Tinubu also said the establishment of the Federal Ministry of Livestock Development was designed to transform the long-standing farmer-herder conflict into an economic opportunity by promoting livestock development and creating jobs.
He added that revitalising industries such as cotton, ginneries and garment manufacturing would further stimulate employment and economic growth across the continent.
“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.
“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.
Speaking on the farmer-herder clashes, the President told the visitors that his administration has turned the longstanding conflict between farmers and herders into an economic opportunity for citizens through the introduction of the Federal Ministry of Livestock Development.
“ 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,” the President said.
The President further encouraged Afreximbank to strengthen collaboration with the Bank of Agriculture by increasing investments in cocoa, palm kernel, palm oil and other agricultural value chains to unlock greater economic benefits for Nigeria and Africa.
Also speaking, the Minister of State for Industry, Sen. John Owan Enoh, described the administration’s Eight-Point Renewed Hope Agenda as a bold framework for economic diversification.
He said ongoing investments in solid minerals, oil and gas, agriculture, manufacturing, the digital economy and value-added exports are laying the foundation for a more resilient economy that is less dependent on crude oil revenues.
Earlier, Elombi thanked President Tinubu for supporting his emergence as President of Afreximbank and briefed him on the Bank’s growing investments in Nigeria.
He disclosed that the institution has committed between $15 billion and $20 billion to the Nigerian economy over the past five years, spanning trade, healthcare, agricultural processing and value-chain development.
He also revealed that Afreximbank has earmarked $2 billion to support Nigeria’s cotton and garment industry, while continuing to finance major infrastructure projects, including the Lagos-Calabar Coastal Highway and the Kano-Maradi Railway.
Elombi further invited the President to visit the African Medical Centre of Excellence in Abuja, describing it as a key initiative aimed at reversing medical tourism on the continent.
