Tinubu tasks Afreximbank to mobilise resources for Africa’s industrialisation

By

Baba Martins

President Bola Ahmed Tinubu has urged the African Export-Import Bank (Afreximbank) to intensify efforts to mobilise Africa’s human, financial and natural resources to accelerate the continent’s industrialisation and economic growth.

He made the call on Tuesday while receiving a delegation led by the President and Chairman of the Board of Afreximbank, Dr George Elombi, at the State House, Abuja.

Tinubu said Africa must move beyond discussions and focus on practical steps that promote industrial growth, expand trade, create jobs and improve living standards.

He said his administration’s reforms, including the removal of fuel subsidy and unification of the foreign exchange market, were necessary to curb corruption and stabilise the economy.

“The time has come for us to start doing things together as Africans. We have what it takes to build this continent,” the president said, urging Afreximbank to provide investment guarantees to support value addition in sectors such as solid minerals and battery manufacturing.

Tinubu also said the creation of the Federal Ministry of Livestock Development was aimed at turning the long-running farmer-herder conflict into an economic opportunity through investments in livestock and related industries.

Dr Elombi thanked Tinubu for supporting his emergence as Afreximbank president and briefed him on the bank’s activities in Nigeria.

He said the bank has invested between $15 billion and $20 billion in Nigeria over the past five years across trade, agriculture, value chains and healthcare, including efforts to reduce medical tourism.

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