Tinubu Urges Overhaul of Global Finance to Fuel Africa’s Industrial Growth

At the Africa Forward Summit in Nairobi, President Bola Ahmed Tinubu warned that the current international financial system starves African industries of affordable capital and traps states in raw commodity exports. He pointed out that despite decades of independence, Africa’s share of global manufacturing remains below 2 per cent. He highlighted Nigeria’s homegrown reforms—removing fuel subsidies, unifying its exchange rate, recapitalising banks with over US$3.4 billion, and exiting the FATF grey list—which have lowered the debt-to-GDP ratio to a projected 32.3 per cent and bolstered foreign reserves. Tinubu noted Nigeria will spend nearly half its 2026 revenue on debt service, funds that could have strengthened steel, textile, agro-processing, and digital sectors. He insisted Africa’s creditworthiness be measured by economic fundamentals and industrial potential, not stereotypes. He also called for safer legal migration pathways tied to domestic job creation, and pledged Nigeria’s Deep Blue maritime intelligence infrastructure as a shared hub for Gulf of Guinea states. Secure sea lanes and harmonised laws, he said, are essential to unlock private investment in Africa’s Blue Economy.

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