Tinubu tasks Afreximbank on industrialisation, value addition

By Our Correspondent

Abuja, July 7, ’26 (TNZ) President Bola Tinubu, on Tuesday in Abuja, urged the African Export-Import Bank (Afreximbank) to intensify efforts at mobilising Africa’s human, financial and natural resources for the continent’s economic transformation.

TheNewsZenith reports that Tinubu gave the charge while receiving a delegation from Afreximbank, led by its President and Chairman of the Board, Dr George Elombi, in Abuja.

The President noted that Africa must move beyond discussions to practical actions that would drive industrialisation, expand trade, create jobs and improve living standards.

“The conscience and the future of Africa depend on what you and your team can do for Africa as a whole, and the time has come for us to start doing things together as Africans.”

“Africa possesses abundant resources capable of transforming the continent if properly harnessed through strategic investments and value addition.

“We have what it takes to build this continent. We cannot continue to export raw materials without value addition. That answer is no,” TheNewsZenith quotes Tinubu as saying.

He urged Afreximbank to provide investment guarantees that would support local manufacturing and mineral processing across Africa.

“You, as the financial partner, should come with investment guarantees for value addition in lithium, batteries and other manufacturing ecosystems,”  he added.

The president said his administration’s economic reforms, including the removal of fuel subsidy and exchange-rate unification, were necessary to safeguard Nigeria’s economy.

He noted that the reforms were designed to eliminate distortions, tackle corruption and lay the foundation for sustainable economic growth.

According to him, the creation of the Federal Ministry of Livestock Development is part of efforts to transform security challenges into economic opportunities.

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Tinubu also urged Afreximbank to deepen collaboration with the Bank of Agriculture.

He pointed out that this is by investing in agricultural value chains, including cocoa, palm oil and other export commodities.

Sen. John Owan Enoh, Minister of State for Industry, said Tinubu’s economic diversification agenda was repositioning Nigeria for sustainable growth.

Enoh said the administration’s Renewed Hope Agenda was driving investments in key sectors. These include manufacturing, agriculture, solid minerals, oil and gas, digital economy and value-added exports.

Earlier, Dr George Elombi, who doubles as Afreximbank President and Chairman of the Board, thanked Tinubu for supporting his emergence as President of the financial institution.

Elombi recalled that Afreximbank had invested between $15 billion and $20 billion in Nigeria over the past five years.

The investment cut across trade, healthcare, agriculture and industrial development.

“The bank has also committed $2 billion to support Nigeria’s cotton and garment industry,” TheNewsZenith quotes him as saying.

Elombi also briefed the President on Afreximbank’s investments in the Lagos-Calabar Coastal Highway, the Kano-Maradi Railway and the African Medical Centre of Excellence (AMCE) in Abuja.

He invited Tinubu to visit the African Medical Centre of Excellence. Afreximbank’s boss described AMCE as a flagship investment aimed at reversing the trend of medical tourism in Africa. (TNZ)