Tinubu Urges Global Financial Reform at Nairobi Summit

At the Africa Forward Summit held at the Kenyatta Convention Centre in Nairobi, Kenya, on Tuesday, President Bola Tinubu called for an urgent overhaul of the global financial system, arguing that the current economic structure hinders Africa's industrial growth and development. Tinubu's remarks were made during a summit co-hosted by French President Emmanuel Macron and Kenyan President William Ruto, which brought together leaders from 30 countries, including United Nations Secretary-General António Guterres and African Union Commission Chairperson Mahamoud Ali Youssouf.

He pointed out that Africa's share of global manufacturing value remains below 2%, despite decades of independence, attributing this to structural imbalances in global finance and trade. Tinubu also discussed Nigeria's ongoing economic reforms, including the removal of fuel subsidies and exchange rate unification, and warned that high debt service obligations limit fiscal space for development.

He emphasized the need for stronger international cooperation to support Africa's industrialization and maritime economy.