President Bola Tinubu has called for a structural transformation of Africa’s economy, urging the continent to stop exporting raw materials and instead focus on developing strong industries capable of competing globally.
Speaking on Tuesday at the Africa Forward Summit in Nairobi, Kenya, Tinubu addressed world leaders and economic stakeholders on the need for greater industrialisation, improved trade systems, and sustainable development across Africa. He led Nigeria’s delegation, which included senior government officials and private sector representatives.
The President criticised the longstanding pattern in which African nations export crude oil, minerals, and agricultural commodities while importing finished goods at higher costs. He described the trend as harmful to local industries and economic growth, arguing that it reflects broader challenges within the global financial system.
According to Tinubu, African economies continue to face unfavourable borrowing conditions despite implementing difficult reforms aimed at stabilising markets and attracting investment. He noted that Nigeria’s recent economic measures — including the removal of fuel subsidies, unification of the exchange rate, and banking sector recapitalisation — were necessary steps to strengthen long-term growth prospects.
He emphasised that financial resources spent on high interest payments could otherwise be invested in critical sectors such as steel production, textile manufacturing, agro-processing, and digital industries.
Tinubu also highlighted Nigeria’s maritime and blue economy potential, pledging stronger regional cooperation through the Deep Blue Project to enhance security in the Gulf of Guinea. He said improved sea lane security, stable regulations, and efficient judicial systems are essential to attracting private investment.
The President stated that Africa was not seeking charity from global financial institutions but fair treatment that would enable the continent to industrialise, process its own raw materials, and compete effectively in international markets.
The summit, co-hosted by French President Emmanuel Macron and Kenyan President William Ruto, brought together leaders from more than 30 countries. Discussions focused on trade, investment, digital innovation, agriculture, climate action, and broader economic cooperation across Africa.
