President Bola Ahmed Tinubu has urged the African Export-Import Bank (Afreximbank) to mobilise Africa's financial, human and natural resources to drive industrialisation and end reliance on raw material exports. He made the appeal during a meeting with a delegation from Afreximbank led by its President and Chairman of the Board, Dr George Elombi, at the State House in Abuja on Tuesday. Tinubu stressed that Africa must move beyond theoretical discussions on development and take practical steps to build industries, expand trade, create jobs and improve living standards. He cited his administration's economic reforms, including the removal of fuel subsidy and unification of exchange rates, as necessary measures to combat corruption and ensure economic survival.
Tinubu highlighted Africa's vast solid mineral deposits, such as lithium, and called on Afreximbank to provide investment guarantees for value addition in manufacturing ecosystems like batteries. He linked industrial growth to regional cooperation, stating that the continent already has the resources to build itself. On farmer-herder conflicts, Tinubu said he established the Federal Ministry of Livestock Development to turn the crisis into an economic opportunity, promoting sectors like cotton, ginnery and garment production as job creators. He urged Afreximbank to collaborate with the Bank of Agriculture to invest in cocoa, palm kernel and palm oil value chains for tangible citizen benefits.
In his remarks, Minister of State for Industry, Sen. John Owan Enoh, described Tinubu's Eight-Point Renewed Hope Agenda as a transformative plan driving industrial expansion and reducing dependence on crude oil. He noted the administration's focus on solid minerals, oil and gas, agriculture, digital economy and value-added exports. Dr Elombi said the delegation was at State House to thank Tinubu for his support during his election as Afreximbank President and to update him on the bank's investments in trade, agricultural processing, healthcare and efforts to reverse health tourism in Africa.
The President pushes Afreximbank to fund industrialisation while his own reforms deepen economic hardship for millions. He speaks of value addition in lithium and textiles, yet citizens struggle to afford basic meals. The gap between presidential vision and daily reality has never been wider.
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