Africa Must Process Its Own Resources, Compete Globally — Tinubu

President Bola Ahmed Tinubu has called for stronger economic integration across Africa, insisting that the continent must move beyond exporting raw materials and begin building industries capable of competing globally.

The Nigerian leader made the remarks on Tuesday while leading the country’s delegation to the Africa Forward Summit held at the Kenyatta International Convention Centre in Nairobi, Kenya.

According to a statement issued by presidential spokesperson Bayo Onanuga, President Tinubu stressed that Africa’s long-term prosperity depends on industrialisation, regional cooperation, and reforms within the global financial system.

Speaking on Nigeria’s maritime and blue economy potential, Tinubu said insecurity and policy uncertainty had for years limited the sector’s contribution to national and regional growth.

The President disclosed that Nigeria would deepen cooperation among Gulf of Guinea countries by making its Deep Blue Project maritime intelligence infrastructure available as a shared regional platform for willing states.

He stated that stronger maritime coordination, harmonised laws, and joint enforcement mechanisms were necessary to unlock investment and secure African waters.

“Secure sea lanes, predictable regulation, and functional courts are the preconditions that unlock private capital,” Tinubu said, adding that maritime sovereignty should be viewed as a tool for attracting investment rather than discouraging it.

He further noted that Nigeria remained committed to climate-aligned port modernisation and the digital transformation of its maritime sector.

Addressing global economic inequalities, the President argued that Africa continues to suffer under an international financial system that weakens industrial growth across the continent.

According to him, Africa’s manufacturing contribution to the global economy remains below two percent despite decades of independence, largely because African nations continue exporting raw materials while importing finished products at significantly higher costs.

Tinubu said the current global financial structure limits access to affordable capital, encourages illicit financial flows, and imposes restrictions that prevent African economies from developing strong industrial bases.

He maintained that Nigeria had already taken difficult economic decisions independently, including fuel subsidy removal, exchange rate unification, banking recapitalisation, and reforms aimed at restoring investor confidence.

The President revealed that Nigeria’s debt-to-GDP ratio is projected to decline to 32.3 percent in 2026, while external reserves have reportedly risen to $45.5 billion.

Despite the reforms, Tinubu lamented that high borrowing costs continue to undermine industrial expansion across Africa.

“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.

He questioned how African manufacturers could compete globally when borrowing costs across the continent remain significantly higher than those in Europe, Asia, and North America.

Tinubu insisted that Africa was not seeking charity from global institutions but demanding a fair financial system that supports industrialisation and allows African nations to refine crude oil, process minerals, manufacture pharmaceuticals, and grow domestic industries competitively.

On migration, the Nigerian President stressed that the root causes driving irregular migration must be addressed through economic opportunities, job creation, and investment in local industries.

He said Nigeria had integrated migration management into broader economic reforms focused on agriculture, energy access, banking reforms, and digital development.

Tinubu also urged international partners to increase investments in climate adaptation, technology, infrastructure, and youth employment programmes capable of reducing migration pressures across the continent.

The summit, co-hosted by Emmanuel Macron and William Ruto, brought together leaders and officials from more than 30 countries.

Other global leaders present included António Guterres and Mahamoud Ali Youssouf.

On the sidelines of the summit, President Bola Ahmed Tinubu also held meetings with Madagascar’s President Michael Randrianirina and CAF President Patrice Motsepe, where he reaffirmed Nigeria’s readiness to host the 2026 CAF Awards.

The Nigerian delegation included top government officials and leading private sector figures such as Aliko Dangote, Tony Elumelu, Abdulsamad Rabiu, and Aigboje Aig-Imoukhuede.

The Africa Forward Summit featured discussions focused on investment, digital transformation, artificial intelligence, climate change, agriculture, and strategies aimed at accelerating industrial development across Africa.