Tinubu Calls for Global Financial Reforms at Summit

During the Africa Forward Summit held at the Kenyatta Convention Centre in Nairobi, Kenya, on Tuesday, President Bola Tinubu urged for urgent reforms in the global financial system, stating that Africa's growth is being stifled by existing economic structures. He led Nigeria's delegation at the summit co-hosted by Emmanuel Macron and William Ruto, which attracted leaders from 30 countries, including António Guterres and Mahamoud Ali Youssouf.

Tinubu stressed the importance of moving beyond the export of raw materials to focus on industrialization, noting that Africa's share of global manufacturing value remains below two percent despite decades of independence. He attributed this situation to an unfair global financial and trade system.

Tinubu also mentioned Nigeria's plans to spend $11.6 billion on debt servicing by 2026, warning that rising debt service obligations continue to reduce fiscal space for industrial development. He called for stronger investment in Africa's blue economy and emphasized the need for a fair global financial framework to enable African nations to compete globally.