By Our Correspondent
ABUJA — President Bola Ahmed Tinubu has challenged the African Export-Import Bank (Afreximbank) to take a leading role in mobilising Africa's financial, human and natural resources to accelerate industrialisation across the continent, declaring that the era of endless discussions on Africa's development must give way to decisive action.
Speaking on Tuesday at the Presidential Villa, Abuja, while receiving a delegation from Afreximbank led by its newly elected President and Chairman of the Board, Dr George Elombi, President Tinubu said Africa possesses all the resources required for economic transformation but has continued to lose value by exporting raw materials without local processing.
The President stressed that Africa's future depends on deliberate investments in manufacturing, value addition, infrastructure and industrial development, describing Afreximbank as a critical financial partner in achieving the continent's economic aspirations.
"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.
He noted that Africa can no longer afford to rely on the export of raw materials while importing finished products, urging the bank to provide investment guarantees that would support the development of local industries, particularly in strategic sectors such as battery manufacturing.
"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," he added.
President Tinubu also defended his administration's economic reforms, including the removal of fuel subsidy and the unification of the foreign exchange market, describing the policies as difficult but necessary measures aimed at tackling corruption, restoring economic stability and ensuring Nigeria's long-term economic survival.
According to him, industrialisation cannot succeed without adequate financing and modern infrastructure, urging African institutions to work together to unlock the continent's enormous economic potential.
The President also highlighted efforts by his administration to transform the long-standing farmer-herder crisis into an economic opportunity through the establishment of the Federal Ministry of Livestock Development.
He said the initiative was designed to stimulate livestock production, create jobs and promote value chains capable of boosting Africa's economy.
"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," Tinubu stated.
The President further urged Afreximbank to deepen collaboration with the Bank of Agriculture to expand investments in agricultural production and processing, particularly in cocoa, palm kernel, palm oil and other export-oriented commodities.
He said strengthening agricultural value chains would increase local production, enhance exports and improve the livelihoods of millions of Nigerians and Africans.
Earlier, the Minister of State for Industry, Senator John Owan Enoh, described President Tinubu's economic diversification strategy as a bold roadmap for transforming Nigeria's economy.
He said the administration's Eight-Point Renewed Hope Agenda is driving reforms across critical sectors including solid minerals, oil and gas, manufacturing, agriculture, the digital economy and value-added exports, thereby reducing the country's dependence on crude oil revenues.
Enoh maintained that the reforms were laying the foundation for a resilient and sustainable economy capable of generating employment and inclusive growth.
Speaking during the visit, Afreximbank President and Chairman of the Board, Dr George Elombi, thanked President Tinubu for his support, which he said contributed to his emergence as the bank's president.
He also briefed the President on the bank's expanding investment portfolio in Nigeria, revealing that Afreximbank has invested between $15 billion and $20 billion in the Nigerian economy over the past five years.
According to Elombi, the investments span trade finance, agricultural processing, manufacturing value chains and healthcare.
He disclosed that the bank has committed an additional $2 billion to support Nigeria's cotton and garment industry as part of efforts to revive local textile production and create jobs.
Elombi also informed the President that Afreximbank is supporting major infrastructure projects, including the Lagos-Calabar Coastal Highway and the Kano-Maradi Railway, which are expected to improve regional trade and economic integration.
Highlighting the bank's intervention in the health sector, he said Afreximbank is working to reverse the trend of medical tourism in Africa through strategic investments in world-class healthcare facilities.
He invited President Tinubu to visit the African Medical Centre of Excellence (AMCE) in Abuja, describing it as one of the continent's flagship healthcare projects.
The meeting underscored Nigeria's renewed push for industrialisation and regional economic integration, with both the Federal Government and Afreximbank expressing confidence that stronger partnerships in infrastructure, agriculture, manufacturing and healthcare would accelerate sustainable growth across Africa.
