Tinubu Urges Afreximbank to Boost Africa's Industrialization

On Tuesday, President Bola Ahmed Tinubu called on the African Export-Import Bank (Afreximbank) to intensify its efforts in mobilizing Africa's human, financial, and natural resources to accelerate the continent's industrial economic growth. This appeal was made during a meeting at the State House in Abuja with a delegation led by Dr. George Elombi, the President and Chairman of the Board of Afreximbank.

Tinubu emphasized the need for Africa to move beyond discussions and focus on practical steps to promote industrial growth, expand trade, create jobs, and improve living standards. He mentioned that administrative reforms, including the removal of fuel subsidies and unifying the foreign exchange market, are necessary to curb corruption and stabilize the economy.

Tinubu urged Afreximbank to provide investment guarantees and support for value-added sectors such as solid minerals and battery manufacturing. Additionally, he announced the creation of a Federal Ministry of Livestock Development aimed at transforming farmer-herder conflicts into economic opportunities in the livestock industry.

Dr. Elombi expressed gratitude for Tinubu's support, noting that Afreximbank has invested between $15 billion and $20 billion in Nigeria over the past five years across various sectors, including trade, agriculture, and healthcare.