Tinubu Urges Afreximbank to Boost Africa's Industrialization

On Tuesday, President Bola Ahmed Tinubu tasked the leadership of the African Export-Import Bank (Afreximbank) to intensify efforts in mobilizing and deploying resources for Africa's industrialization. During a visit to the State House in Abuja, led by Afreximbank's President and Chairman of the Board, Dr.

George Elombi, Tinubu stressed that Africa's industrial drive cannot remain theoretical. He outlined Nigeria's recent economic reforms, including the end of fuel subsidies and addressing multiple exchange rates, as essential steps to combat corruption and ensure economic survival.

Tinubu highlighted Africa's vast potential and the need to move beyond discussions to actionable strategies that drive industrial growth, expand trade, and create jobs. He also discussed the importance of developing the solid mineral sector and enhancing agricultural value chains.

Dr. Elombi informed Tinubu that Afreximbank has committed $2 billion to support Nigeria's cotton and garment industry and has invested between $15 to $20 billion in the Nigerian economy over the past five years.