Tinubu Urges Afreximbank to Accelerate Resource Mobilization

During a visit to the State House in Abuja on Tuesday, President Bola Tinubu charged the leadership of the African Export-Import Bank (Afreximbank), led by Dr. George Elombi, to intensify efforts in mobilizing resources for Africa's industrialization.

Tinubu highlighted that Africa possesses vast human and financial resources that should be utilized to advance economic development rather than remaining in theoretical discussions. He noted the importance of recent economic reforms in Nigeria, including the end of fuel subsidies and addressing multiple exchange rates, as essential steps to combat corruption and ensure economic survival.

Tinubu stressed the need for Afreximbank to synergize with agricultural investments and create economic opportunities, particularly in sectors like cotton and garment industries. He also mentioned the bank's commitment of $2 billion to support Nigeria's cotton garment industry and its investments totaling $15-20 billion in Nigeria's economy over the past five years.

John Owan Enoh, Minister of State for Industry, reiterated the administration's commitment to diversifying the economy and reducing dependence on crude oil revenues.