President Bola Ahmed Tinubu has called on the African Export-Import Bank (Afreximbank) to intensify efforts to mobilise Africa’s vast human, financial and natural resources for the economic development of the continent.
Tinubu said Africa must move beyond endless discussions about industrialisation and take practical steps to add value to its natural resources, expand trade, create jobs and improve the living standards of its people.
The President spoke on Tuesday when a delegation from Afreximbank, led by its President and Chairman of the Board, Dr George Elombi, visited him at the State House, Abuja.
According to a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, Tinubu said his administration’s economic reforms, including the removal of fuel subsidy and efforts to address multiple exchange rates, were necessary to tackle corruption and ensure the survival of the economy.
The President said Africa has enormous economic potential but requires strong financial support and reliable infrastructure to achieve meaningful industrial growth.
“The conscience and the future of Africa depend on what you and your team can do and will do for Africa as a whole, and the time has come for us to start doing things together as Africans,” Tinubu said.
“We have what it takes to build this continent. Do we continue to exploit and export raw materials without value addition? That answer is no.”
The President urged Afreximbank to provide financial support and investment guarantees that would enable African countries to process their natural resources locally instead of exporting them mainly as raw materials.
He cited Africa’s large deposits of lithium and other solid minerals, saying they could support local production of batteries and the development of wider manufacturing industries.
“We have solid mineral deposits such as lithium and others that can be used, and you, as the financial partner, should be able to come with investment guarantees for the production and value addition in batteries and other manufacturing ecosystems,” he said.
Tinubu also spoke on the longstanding clashes between farmers and herders, saying his administration was working to turn the challenge into an economic opportunity through the creation of the Federal Ministry of Livestock Development.
He said the livestock sector, alongside cotton production, ginneries and the garment industry, could create jobs and open new economic opportunities.
“I created the Livestock Ministry to create economic opportunities for Africans. The cotton, ginnery and garment industries are job creators,” the President said.
“If we partner well and incorporate these ideas and do less talking and really put our heads into developmental programmes, we can turn it around.”
Tinubu also called on Afreximbank to work closely with the Bank of Agriculture and increase investment in the production and processing of agricultural commodities such as cocoa, palm kernel and palm oil.
He said stronger agricultural value chains would help ensure that Africa’s natural resources and agricultural products create greater economic benefits for its people.
Also speaking, the Minister of State for Industry, Senator John Owan Enoh, said the Tinubu administration’s economic diversification policies were aimed at repositioning Nigeria for sustainable growth, industrial expansion and shared prosperity.