President Bola Ahmed Tinubu has called on the African Export-Import Bank (Afreximbank) to strengthen its support for manufacturing, agriculture and industrial value addition across the continent, saying Africa must move beyond exporting raw materials and focus on building competitive industries that create jobs and drive sustainable economic growth.
Speaking during a meeting with an Afreximbank delegation led by its President and Chairman, Dr. George Elombi, at the State House in Abuja, President Tinubu said Africa possesses the human capital, natural resources and financial potential needed to transform its economies. He stressed that the continent must shift from discussing industrialisation to implementing practical development programmes that expand production, strengthen regional trade and improve livelihoods.
The President said Africa can no longer rely on exporting unprocessed commodities while importing finished products. Instead, he urged governments and financial institutions to invest in manufacturing ecosystems that add value to the continent’s abundant natural resources, including critical minerals such as lithium, which are essential for battery production and the global clean energy transition.
Tinubu encouraged Afreximbank to provide investment guarantees and financing that will support industries capable of processing Africa’s mineral resources into higher-value products, creating new opportunities for industrial development and export growth.
He also highlighted agriculture as a key driver of economic transformation, calling on the bank to deepen collaboration with the Bank of Agriculture and increase investments across agricultural value chains. He identified strategic commodities such as cocoa, palm oil and palm kernel as sectors with significant potential to generate employment, boost exports and improve rural incomes through local processing and value addition.
According to the President, strengthening agricultural processing industries will help African countries capture greater value from their natural resources while reducing dependence on commodity exports.
Tinubu also pointed to Nigeria’s recently established Federal Ministry of Livestock Development as an example of how longstanding challenges can be converted into economic opportunities. He explained that the ministry aims to modernise the livestock sector, reduce conflict between farmers and herders, improve productivity and create employment throughout the livestock value chain.
He added that expanding industries such as cotton production, textile manufacturing and garment processing would further stimulate industrialisation while creating thousands of jobs across Africa.
Nigeria’s Minister of State for Industry, Senator John Owan Enoh, told the delegation that the government’s economic diversification strategy is focused on expanding manufacturing, agriculture, mining, digital technology and value-added exports to reduce dependence on crude oil revenues and build a more resilient economy.
Afreximbank President Dr. George Elombi thanked President Tinubu for his continued support and reaffirmed the bank’s commitment to financing projects that promote industrial development across Africa. He revealed that Afreximbank has invested between US$15 billion and US$20 billion in Nigeria over the past five years, supporting sectors including trade, healthcare, agricultural processing and industrial value chains.
Elombi also announced that the bank has committed US$2 billion to support Nigeria’s cotton and garment industry, while continuing to finance strategic infrastructure projects such as the Lagos-Calabar Coastal Highway and the Kano-Maradi railway, both of which are expected to strengthen regional trade and improve economic connectivity.
He further highlighted Afreximbank’s investment in the African Medical Centre of Excellence in Abuja, describing the facility as part of broader efforts to improve healthcare services within Africa and reduce dependence on overseas medical treatment.
The meeting reinforced the growing partnership between Nigeria and Afreximbank as both parties seek to accelerate industrialisation, strengthen agricultural value chains and unlock Africa’s long-term economic potential through strategic investment and regional cooperation.