“Africa Needs Affordable Capital to Build Its Industries” – Tinubu

President Bola Ahmed Tinubu has said African countries need access to affordable capital to build strong industries and achieve economic growth, warning that the current global financial system makes it difficult for the continent to industrialise.

He made the statement on Tuesday while speaking at the Africa Forward Summit held at the Kenyatta International Convention Centre in Nairobi, Kenya.

The summit was co-hosted by William Ruto, President of Kenya, and Emmanuel Macron, President of France, and brought together leaders and top officials from more than 30 countries.

Among those who delivered opening remarks were António Guterres, Secretary-General of the United Nations, and Mahamoud Ali Youssouf, Chairman of the African Union Commission.

In his speech, Tinubu said the present global financial system works against African countries by limiting access to affordable capital needed for industrial development, “Despite decades of independence, Africa’s share of global manufacturing value added remains below two per cent,” the president said.

He explained that many African countries export raw materials but import finished products at much higher prices, “We export raw minerals, crude oil and agricultural commodities, and we import processed goods at a premium. This pattern is not an accident,” he said.

Tinubu argued that the situation is largely driven by global financial rules that disadvantage African economies, “The international financial architecture, as currently constituted, is an instrument of industrial disarmament for Africa,” he said.

The president also noted that Nigeria would spend about $11.6 billion on debt servicing in 2026, which he said limits investment in key industries, “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,” he stated.

Tinubu said Nigeria has already taken difficult economic decisions to strengthen its economy, “We have taken painful, homegrown decisions to put our house in order — removing fuel subsidies, unifying our exchange rate and recapitalising our banking system,” he said.

According to him, these reforms have helped improve Nigeria’s economic outlook, including stronger foreign reserves and growing investor confidence.

The president also highlighted the importance of Africa’s maritime resources, often referred to as the blue economy. He said Nigeria would deepen cooperation with other countries in the Gulf of Guinea by sharing maritime intelligence infrastructure developed under the country’s Deep Blue Project, “Nigeria will intensify regional coordination by offering our Deep Blue Project’s maritime intelligence infrastructure as a shared data hub for willing Gulf of Guinea states,” he said.

Tinubu added that secure maritime routes and stronger governance would help attract private investment.

On migration issues, Tinubu said improving economic opportunities in African countries would reduce irregular migration, “People who have jobs, security and hope at home do not typically risk their lives in the back of a smuggler’s truck,” he said.

He therefore called on international partners to support investments in climate adaptation, energy access, digital skills and job creation across the continent.

On the sidelines of the summit, Tinubu held a bilateral meeting with Michael Randrianirina, President of Madagascar. He also met with Patrice Motsepe, President of the Confederation of African Football (CAF), where Nigeria expressed readiness to host the 2026 CAF Awards.

Members of Nigeria’s delegation included Minister of Foreign Affairs Bianca Odumegwu-Ojukwu, Minister of Marine and Blue Economy Adegboyega Oyetola, and Minister of Communications, Innovation and Digital Economy Bosun Tijani.

Leading Nigerian business figures such as Aliko Dangote, Abdul Samad Rabiu, Tony Elumelu and Aigboje Aig‑Imoukhuede also attended the summit.