Tinubu Urges Afreximbank To Drive Africa’s Industrialisation, End Raw Material Exports

President Bola Ahmed Tinubu has called on the African Export-Import Bank (Afreximbank) to play a leading role in accelerating Africa's industrialisation by mobilising the continent's financial, human and natural resources to drive local manufacturing and value addition.

Speaking on Tuesday while receiving the newly elected President and Chairman of the Board of Directors of Afreximbank, Dr George Elombi and his delegation at the Presidential Villa in Abuja, Tinubu said Africa could no longer afford to remain a supplier of raw materials to the rest of the world.

According to a statement issued by the President's Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said the continent's future depends on transforming its abundant natural resources into finished products capable of creating jobs, expanding trade and improving living standards.

"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," the President said.

Tinubu argued that Africa must move beyond exporting unprocessed minerals and agricultural products by investing in domestic processing and manufacturing.

He urged Afreximbank to provide investment guarantees that would encourage industries involved in mineral beneficiation, battery production and other manufacturing ecosystems.

"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 also defended his administration's economic reforms, describing the removal of fuel subsidy and the unification of Nigeria's foreign exchange market as difficult but necessary decisions aimed at stabilising the economy and reducing corruption.

He said the reforms were laying the foundation for long-term economic growth and increased investor confidence.

Tinubu highlighted the establishment of the Federal Ministry of Livestock Development as one of the administration's key initiatives to transform the livestock sector into a major driver of economic growth.

According to him, the ministry is helping to convert the long-standing farmer-herder conflict into opportunities for investment, job creation and agro-industrial 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 also encouraged Afreximbank to deepen its collaboration with the Bank of Agriculture by supporting investments in cocoa, oil palm, palm kernel and other strategic agricultural value chains.

Earlier, the Minister of State for Industry, John Owan Enoh, said the Federal Government's economic diversification strategy was repositioning Nigeria for sustainable industrial growth through investments in manufacturing, mining, agriculture, oil and gas, digital technology and value-added exports.

In his remarks, Afreximbank President George Elombi thanked Tinubu for supporting his emergence as the bank's new president and reaffirmed the institution's commitment to Nigeria's economic development.

Elombi disclosed that Afreximbank has invested between $15 billion and $20 billion in Nigeria over the past five years across trade finance, agricultural processing, healthcare, infrastructure and industrial development.

According to him, the bank has already committed $2 billion to revive Nigeria's cotton and textile value chain.

He added that Afreximbank is also supporting major infrastructure projects, including the Lagos-Calabar Coastal Highway and the Kano-Maradi railway.

Elombi further invited President Tinubu to visit the African Medical Centre of Excellence in Abuja, describing the project as one of the bank's flagship investments aimed at reducing medical tourism and improving healthcare delivery across Africa.

He said the facility reflects Afreximbank's broader commitment to strengthening critical sectors capable of driving long-term economic transformation on the continent.