By Boluwatife Oshadiya | July 8, 2026
Key Points
- Tinubu calls on Afreximbank to mobilise Africa’s resources to accelerate industrialisation and value addition
- President urges greater investment in local manufacturing, agriculture and mineral processing across the continent
- Afreximbank says it has invested up to $20 billion in Nigeria over the past five years
Main Story
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, promote value addition and drive sustainable economic growth across the continent.
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 in Abuja.
The President said Africa must move beyond discussions to practical action by strengthening manufacturing capacity, expanding intra-African trade and creating jobs through industrial development.
“The conscience and the future of Africa depend on what you and your team can do for Africa as a whole, and the time has come for us to start doing things together as Africans,” Tinubu said.
He stressed that Africa must end its dependence on exporting raw materials, urging the continental lender to provide investment guarantees that would support value addition in strategic sectors, including lithium processing, battery production and manufacturing.
Tinubu also defended his administration’s economic reforms, including the removal of fuel subsidy and the unification of Nigeria’s foreign exchange market, describing them as necessary measures to eliminate market distortions, curb corruption and lay the foundation for long-term economic stability.
The President added that the establishment of the Federal Ministry of Livestock Development was designed to transform security challenges into economic opportunities while boosting agricultural productivity. He also urged Afreximbank to deepen collaboration with the Bank of Agriculture by investing in cocoa, palm oil and other export-oriented agricultural value chains.
Earlier, Afreximbank President Dr George Elombi disclosed that the bank had invested between $15 billion and $20 billion in Nigeria over the past five years across trade finance, healthcare, agriculture and industrial development.
“We have invested between $15 billion and $20 billion in Nigeria over the last five years across trade, healthcare, agricultural processing and value chains,” Elombi said.
He added that Afreximbank had committed $2 billion to support Nigeria’s cotton and garment industry while also financing strategic infrastructure projects, including the Lagos-Calabar Coastal Highway, the Kano-Maradi Railway and the African Medical Centre of Excellence (AMCE) in Abuja.
The Issues (Optional)
Tinubu’s call comes as African economies intensify efforts to reduce their dependence on commodity exports by expanding local manufacturing and processing industries under the African Continental Free Trade Area (AfCFTA). Despite being richly endowed with natural resources, many African countries continue to export raw materials while importing higher-value finished products, limiting industrial growth, job creation and foreign exchange earnings.
Nigeria’s renewed focus on economic diversification, local manufacturing and value-added exports forms a central pillar of the Federal Government’s broader industrialisation agenda.
What’s Being Said
President Tinubu said Africa’s economic future depends on transforming its natural resource wealth into industrial output.
“We have what it takes to build this continent. We cannot continue to export raw materials without value addition. That answer is no,” Tinubu said.
Afreximbank President Dr George Elombi reaffirmed the bank’s commitment to Nigeria’s development agenda.
“We have invested between $15 billion and $20 billion in Nigeria over the last five years across trade, healthcare, agricultural processing and value chains,” Elombi said.
What’s Next
- Afreximbank is expected to deepen financing for Nigeria’s manufacturing, agriculture and strategic infrastructure sectors.
- The Federal Government will continue implementing reforms aimed at attracting investment into value-added industries and export-oriented manufacturing.
- Collaboration between Afreximbank and Nigerian institutions, including the Bank of Agriculture, is expected to expand financing for agricultural value chains and industrial projects.
The Bottom Line: Tinubu’s appeal underscores Nigeria’s ambition to position itself as a leading industrial hub under the African Continental Free Trade Area. Delivering on that vision, however, will depend not only on access to development finance but also on sustained policy implementation, infrastructure investment and stronger regional economic integration.
