President Bola Tinubu has called on the African Export-Import Bank (Afreximbank) to mobilise greater investment for Africa's industrialisation, urging the pan-African financial institution to play a leading role in transforming the continent's abundant natural resources into value-added products.
Speaking during a meeting with an Afreximbank delegation led by its President and Chairman, Dr. George Elombi, at the Presidential Villa in Abuja, Tinubu stressed that Africa must move beyond exporting raw materials and instead develop strong manufacturing industries capable of creating jobs and boosting economic prosperity.
The President noted that Africa possesses enormous deposits of strategic minerals, including lithium and other critical resources needed for modern technologies, and encouraged Afreximbank to provide investment guarantees that would support battery production and other manufacturing value chains across the continent.
Tinubu also urged the bank to strengthen collaboration with Nigeria's Bank of Agriculture by increasing investments in agricultural commodities such as cocoa, palm oil and palm kernel, saying stronger agricultural value chains would improve food security, create employment and increase export earnings for African economies.
Addressing the challenge of farmer-herder conflicts, the President said his administration had transformed a longstanding security concern into an economic opportunity through the establishment of the Federal Ministry of Livestock Development.
He explained that the ministry is expected to modernise livestock production, stimulate investment and expand opportunities within the agricultural sector.
Tinubu further highlighted the potential of Nigeria's cotton, textile and garment industries, describing them as major sources of employment capable of driving industrial growth if supported with adequate financing and strategic partnerships.
He urged African governments and development institutions to focus more on practical implementation of development programmes rather than prolonged policy discussions.
During the meeting, the Minister of State for Industry, Senator John Enoh, outlined the objectives of the administration's Renewed Hope Agenda, stating that ongoing economic reforms are designed to diversify Nigeria's economy, expand industrial production and attract greater investment into productive sectors.
Officials from Afreximbank reaffirmed the bank's commitment to supporting trade, industrialisation and economic integration across Africa through strategic financing, infrastructure development and partnerships with member countries.
The institution has remained a key financier of projects aimed at expanding intra-African trade and supporting implementation of the African Continental Free Trade Area (AfCFTA).
Economic analysts say deeper collaboration between Nigeria and Afreximbank could accelerate industrial development by improving access to finance for manufacturers, strengthening regional supply chains and encouraging local processing of Africa's natural resources before export.
The meeting underscores Nigeria's renewed push for economic diversification and regional cooperation, with the government seeking stronger partnerships to position Africa as a globally competitive manufacturing hub capable of creating sustainable jobs and long-term economic growth.