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President Bola Tinubu has called for a major shift in Africa’s economic structure, insisting that the continent must stop exporting raw materials and start building industries capable of competing globally.
Tinubu spoke on Tuesday at the Africa Forward Summit in Nairobi, Kenya, where he led Nigeria’s delegation of top government officials and private sector leaders to discussions on industrialisation, trade and economic development across Africa.
The President said Africa’s continued dependence on exporting crude oil, minerals and agricultural commodities while importing finished products was damaging local industries and slowing economic growth.
“We export raw minerals, crude oil and agricultural commodities, and we import processed goods at a premium. This pattern is not an accident. It is the product of a global financial architecture that starves our industries of affordable capital,” Tinubu said.
He argued that African countries still face unfair borrowing conditions despite implementing difficult economic reforms aimed at stabilising their economies and attracting investment.
According to him, Nigeria’s recent reforms, including fuel subsidy removal, exchange rate unification and banking recapitalisation, were necessary steps taken to reposition the economy for long-term growth.
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“Every single dollar that leaves our treasury to pay punitive interest rates is a dollar that did not go into our steel sector, textile mills, agro-processing plants or digital industries,” the President stated.
Tinubu also used the summit to promote Nigeria’s maritime and blue economy potential, pledging stronger regional cooperation through the country’s Deep Blue Project to improve security in the Gulf of Guinea.
“Secure sea lanes, predictable regulation and functional courts are the preconditions that unlock private capital. Nigeria is ready to work with other Gulf of Guinea states through shared maritime intelligence and coordinated enforcement,” he said.
The President maintained that Africa was not asking for charity from global financial institutions but demanding fair treatment that would allow the continent industrialise and compete on equal terms globally.
“Nigeria is not asking for charity. We are demanding a financial system that intentionally enables Africa to industrialise, refine its own crude oil, manufacture its own products and compete fairly in global markets,” Tinubu added.
The summit, co-hosted by Emmanuel Macron and William Ruto, attracted leaders from over 30 countries and focused on trade, investment, digital innovation, agriculture and climate development across Africa.
